Germany Contracts Most Since Global Financial Crisis

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.