The German economy contracted the most since the 2008-2009 global financial crisis in 2020, but most likely avoided a double-dip in the fourth quarter of the year, underpinned by the better performance of the manufacturing sector.
Gross domestic product fell 5 percent in 2020, in contrast to the 0.6 percent rise seen in 2019, data from Destatis showed on Thursday. This was the first contraction in ten years.
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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.