According to preliminary data from the Federal Statistical Office, following Germany's strong efforts to mitigate the damage caused by the COVID-19 pandemic, the German economy contracted by 5% in 2020.
Despite a series of recent indicators, the second wave of the virus, which arrived in the last quarter of last year, dealt a blow to hopes for a quick recovery. The German government implemented lockdown measures in November and tightened restrictions further in December and January, hindering the retail, hospitality, and tourism sectors.
