Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

German government raises 2020 GDP forecast to -5.5% - source

10/26/2020 | 07:22am EST
FILE PHOTO: A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter.

BERLIN (Reuters) - The German government will revise upwards its forecast for growth domestic product (GDP) for 2020 when it presents an update to its estimates this week, a source familiar with the government's forecast told Reuters on Monday.

The government now expects GDP to shrink 5.5% in 2020 compared to a previous estimate for a 5.8% decline, the source said.

This means the recession triggered by the coronavirus pandemic will be slightly milder than the loss of output caused by the global financial crisis in 2009 when GDP fell by a record 5.7%.

The economy ministry declined to comment and said Economy Minister Peter Altmaier would present the updated forecast on Wednesday.

The German economy contracted by 9.7% in the second quarter as household spending, company investments and trade collapsed at the height of the pandemic.

An easing of lockdown measures, coupled with an unprecedented array of rescue and stimulus packages, led to a robust recovery in the third quarter.

But a spike in new coronavirus cases has caused concern activity could slow again, and German business morale fell for the first time in six months in October. [L8N2HH24A]

For 2021, the government is still sticking by its previous forecast for GDP growth of 4.4%, the source said.

(Additional reporting by Christian Kramerer; Writing by Caroline Copley; Editing by Maria Sheahan, Thomas Seythal, Toby Chopra and Peter Graff)

By Holger Hansen

© Reuters 2020
Latest news "Economy & Forex"
02:55pStocks dip on U.S. jobs data; dollar slips, oil climbs
02:50pTesla's upcoming S&P 500 debut fuels 'crazy' trading volume
02:48pEU seeks to bypass patents to boost drugs access in crises
02:47pSalesforce in talks to acquire workplace app Slack - sources
02:45pU.S. Department of Commerce Invests $13.3 Million to Improve Transportation Infrastructure in Chico, California
02:45pU.S. Department of Commerce Invests $1.49 Million in CARES Act Recovery Assistance to Expand Healthcare Delivery Capacity on Coquille Indian Tribe's Kilkich Reservation
02:45pU.S. Department of Commerce Invests $1.45 Million to Make Water System Infrastructure Improvements Needed to Support Economic Development and Disaster Resiliency in Georgetown, South Carolina
02:45pVALE S A : On the International Day for the Elimination of Violence against Women, Vale Reinforces Its Commitment to Human Rights
02:45pFailure to get Brexit trade deal would wipe extra 2% off UK output - OBR
02:45pIrish PM says "good result" in UK trade talks possible, EU chief says ready for no-deal
Latest news "Economy & Forex"