Economy Minister Peter Altmaier said Berlin will do everything it can to ensure 2021 becomes the year of recovery, but cautioned that overall growth could be somewhat smaller than previously projected.
That marked a severe deterioration of public finances following a surplus of 52.5 billion euros or 1.5% in 2019. Lockdown measures to contain the coronavirus meant many consumers were not able to spend their money, so the net savings rate ballooned to a record high of 16.3%.
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