German economy shrank 0.7% in 4th quarter as COVID resurged

BERLIN (AP) — Official figures show that the German economy shrank by 0.7% in last year’s fourth quarter amid a resurgence in coronavirus infections and new restrictions. The quarter-on-quarter decline reported on Friday by the Federal Statistical Office followed two quarters of solid gains that came despite persistent supply bottlenecks. Gross domestic product grew 2.8% over the whole of last year, rebounding from a plunge of 4.6% in 2020 when pandemic lockdowns were at their most severe. That figure was revised up slightly from the preliminary figure of 2.7% the office reported earlier this month.