The November closure could cut German GDP by another 1 percentage point

By: Trademagazin editor Date: 2020. 11. 03. 11:02

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A partial closure ordered by the end of November due to the intensification of the coronavirus pandemic could cut Germany’s gross domestic product (GDP) by another 1 percentage point – according to an analyst estimate released on Sunday.

According to one of the most prestigious German economic research institutes, the IW (Institut der Deutschen Wirtschaft), the impact of the pandemic slowdown measure that will take effect on Monday will be reflected not only in a larger-than-expected decline in GDP, but also in higher unemployment. The number of unemployed could increase by 591,000 this year and another 15,000 next year. (MTI)