The German government will revise upwards its forecast for growth domestic product (GDP) for 2020 when it presents an update to its estimates this week, a source familiar with the government’s forecast told Reuters on Monday, Trend reports with reference to Reuters.
The government now expects GDP to shrink 5.5% in 2020 compared to a previous estimate for a 5.8% decline, the source said.
For 2021, the government will confirm its forecast for GDP growth of 4.4%.
The economy ministry declined to comment and said Economy Minister Peter Altmaier would present the updated forecast on Wednesday.