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German economy shrank 5% in 2020 as pandemic shut businesses

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Germany saw its deepest economic contraction in more than a decade last year as millions of companies and workers were hit by the coronavirus pandemic.Output shrank 5% amid recurring lockdowns and restrictions, according to a preliminary estimate by the statistics office.

The government ran a budget deficit of 4.8% of gross domestic product, the biggest since 1995.Germany is the first advanced economy to publish full-year figures, and it’s likely to fare better than its major European peers.

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