German government raises 2020 GDP forecast to -5.5%, source says

The German government expects growth in Europe's largest economy to decline slightly less than previously expected this year, a source familiar with the government's estimates told Reuters on Monday.

The government, which is due to publish its autumn forecast for the economy on Wednesday, now expects growth domestic product (GDP) of -5.5% in 2020 compared to a previous estimate for -5.8%, the source said.

For 2021, the government will confirm its forecast for GDP growth of 4.4%.