Upbeat exports, solid construction activity lift German economy in Q4

24.02.2021 - Korneychuk Evgeniya
Upbeat exports, solid construction activity lift German economy in Q4

Germany bounced back better than expected in the fourth quarter of 2020, as the Federal Statistics Office on Wednesday showed a 0.3% economic growth amid the coronavirus pandemic.

After the country surpassed the 0.1% growth estimate, the Federal Statistics Office moved up its 2020 full-year GDP estimate to -4.9% from -5.0%.

Europe’s biggest economy contracted 5.3% in 2020, relatively smaller than in many economies in the European bloc. The growth was fueled by a strong fiscal response to the coronavirus crisis from the German government.

Germany’s sustained economic growth in the fourth quarter was aided by export activities which expanded 4.5%. Also, construction investments grew 1.8%. Meanwhile, the country’s household spending fell 3.3%

The Statistics offices recorded a 139.6 billion euros state budget deficit or 4.2% of gross domestic product in 2020. This was the first budget deficit to be recorded in almost a decade and the second-biggest since German reunification.

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