German govt raises 2020 GDP forecast to -5.5% - source

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.

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. 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.