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May 1, 2021
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The new lockdown in Germany collapsed the economy of the entire eurozone


Restrictions due to the third wave of coronavirus in Germany dragged other countries of the eurozone into the crisis, writes Deutsche Welle, citing a report from the Federal Statistical Office.

According to statistics, in the first quarter of 2021, Germany’s GDP collapsed by 1.7 percent, which also affected the economies of neighboring countries. Experts believe that the main reason for the decline is the introduction of a new lockdown in Germany, which paralyzed consumer demand. According to economists, the combined GDP of the eurozone countries fell by 0.6 percent in the first three months of 2021.

By the end of 2020, the German economy was gradually moving towards recovery. The maximum GDP growth against the background of the pandemic was recorded in the third quarter of last year – 8.7 percent.

The third wave of coronavirus hit Europe in mid-March. The reasons for the sharp jump in the incidence, experts called new mutations of the virus, as well as an insufficiently active vaccination campaign.

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Economy
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