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6/5, 9:03 AM (Source: TeleTrader)
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Buba: German economy to contract 7.1% in 2020

Bundesbank said on Friday that it expects the German economy to contract 7.1% in 2020 as a result of the coronavirus pandemic.

The bank also predicts that the gross domestic product (GDP) will then increase by 3.2% in 2021 and 3.8% in 2022 thanks to the government's relief measures that will contribute to the stabilization. "However, there is still a very high degree of uncertainty about what lies ahead for the economy," the bank president Jens Weidmann added.

Germany previously reported its GDP dropped 2.3% in the first quarter of 2020 and that its economic activity in the second quarter was "significantly lower."

Breaking the News / JR