December 11, 2020
FRANKFURT (Reuters) – Germany’s economy will contract less this year than previously projected, but next year’s rebound will also be smaller, the country’s central bank said on Friday in a biannual update of its macroeconomic projections.
Europe’s biggest economy is expected to contract by 5.5% this year on a calendar-adjusted basis, beating an earlier expectation for a 7.1% drop, the Bundesbank said.
But next year, it is likely to grow by just 3%, below the central bank’s June forecast for 3.2%.
The recovery will then accelerate and by 2022, growth could hit 4.5%, beating the previous projection for 3.8%.
(Reporting by Balazs Koranyi; Editing by Hugh Lawson)
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