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Wiesbaden (dpa) - Germany got through the corona crisis year 2020 a little better than initially assumed.
Despite the second lockdown, the gross domestic product (GDP) rose 0.3 percent in the fourth quarter compared to the previous quarter, as the Federal Statistical Office announced on Wednesday.
Initially, the statisticians had calculated an increase of only 0.1 percent.
For the year as a whole, the German economy shrank by 4.9 percent instead of the previously assumed 5.0 percent.
The federal, state, municipal and social security sectors spent 139.6 billion euros billion more than they earned last year.
In an initial calculation, the Wiesbaden authority assumed a minus of 158.2 billion euros.
In relation to total economic output, the budget deficit was 4.2 percent.
That was the second highest minus since German unification, only exceeded by the record deficit of 1995. At that time, the trustee's debts were taken over into the state budget.
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Expenditures for aid packages worth billions to support the economy in the crisis contrasted with falling revenues last year.
Tax revenue decreased significantly, also because VAT was cut for six months from July 1st to stimulate private consumption.
Germany does not face problems with Brussels because of the deficit.
Because of the Corona crisis, the states of the European Union suspended the rules of the Stability and Growth Pact for the first time, according to which the budget deficit must not exceed three percent and the total debt must not exceed 60 percent of the gross domestic product.
Goods exports and construction investments supported the development in the fourth quarter, but private consumer spending fell by 3.3 percent compared to the third quarter of 2020. In the first Corona wave in spring, the German economy recorded a historic slump, followed by a comeback in the summer.
The second lockdown then dampened the recovery.
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Economists and the federal government expect the German economy to regain momentum this year.
In the first quarter, however, economic output should shrink due to the lockdown that was extended until March 7th.
For the year as a whole, Berlin recently expected economic growth of 3 percent.
In the autumn, the federal government had assumed an increase of 4.4 percent.
Economists see risks in a possible third corona wave.
“You can make all sorts of plans.
But if a third wave comes, these will be obsolete, ”said the chairman of the“ Wirtschaftsweise ”, Lars Feld.
© dpa-infocom, dpa: 210224-99-568835 / 3
Federal Statistical Office on GDP
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Long series of GDP by years
Corona statistics Federal Statistical Office
Monthly reports Bundesbank
Annual economic report
Ifo business climate index
Second supplementary budget
Declaration after the switching conference of EU economics and finance ministers on March 23, 2020 on the suspension of the debt rules
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Long series of the Federal Office on income and expenditure of the state from 1991
Federal Office on debt ratios of the EU member states