May 12, 2020 / 9:40 AM / 20 days ago

REFILE-Virus pushed German economic output down by up to 25% for several weeks - KfW

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BERLIN, May 12 (Reuters) - German economic output probably declined by around 20-25% for several weeks due to the coronavirus outbreak, the KfW state development bank said on Tuesday, adding that activity likely reached its trough in April if a second wave is avoided.

With the easing of many restrictions, the economy should at least partially normalise by the summer, KfW said, adding that would result in very strong growth in the third quarter.

KfW said it expected the economy to shrink by 6% this year before expanding by 5% next year. Those are very similar to predictions made by the German government at the end of April for a contraction of 6.3% this year and an expansion of 5.2% next year. (Reporting by Michelle Martin; Editing by Thomas Seythal)

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