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Germany’s economy contracted by 5% in 2020 as coronavirus lockdowns hit growth

CNBC reports that data released on Thursday showed that Germany’s economy contracted by 5% in 2020, according to full-year GDP.

The preliminary figures, which were slightly better than the 5.1% forecast, come after a year of economic turbulence for Germany, and the rest of the world, as the coronavirus pandemic prompted disruption to businesses and large swathes of the economy.

Coronavirus cases have prompted several lockdowns on public life and economic activity in Germany. Chancellor Angela Merkel announced last week that the latest lockdown would be extended until the end of the month.

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