Lockdown measures drag German economy in November: ministry
While Germany’s economy sustained its momentum until October, it was seen expanding at a slower pace since August, the Economy Ministry said on Friday. In addition to this, the ministry emphasized that virus-related lockdown measures greatly affected the economy in November.
Despite the economy’s weak growth, the ministry believed that its expansion would not stop in the fourth quarter. This is possible if restrictions remain limited.
Moreover, the country’s council of economic advisers believed that Europe’s largest economy would contract lower than what was initially thought. While this forecast is probable, the second wave of coronavirus pandemic overshadowed the growth forecast for 2021.
August had seen insolvency applications from companies dropped 35.4% from a year earlier, the Federal Statistics Office said on Friday.