Manufacturing and ‘decisive’ fiscal action behind smallest anticipated fall in Europe

Germany’s economy shrank by 5% last year according to official figures, among the smallest declines anticipated in Europe, despite the coronavirus pandemic causing the deepest recession since the 2008 financial crisis.

The German recession is expected to be among the least severe in Europe, with analysts crediting a “decisive” fiscal response and the avoidance of “overly optimistic” forecasts. By comparison, national output is expected to drop by more than 9% in Italy and France, and by 11.3% in the UK – the worst performance for more than 300 years.

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