German economy to grow less strongly than expected in 2021 - Altmaier

German Economy Minister Peter Altmaier said on Thursday the economy was likely to grow less strongly this year than previously forecast as the current situation in the COVID-19 pandemic was much worse than anybody had expected.

The government's latest estimate from October sees Europe's largest economy growing by 4.4% in 2021. Berlin will update its forecast later this month.

Gross domestic product data released earlier on Thursday showed the economy shrank by 5.0% in 2020, less than expected and a smaller contraction than during the global financial crisis as unprecedented government rescue and stimulus measures helped lessen the shock of the COVID-19 pandemic.