UK Markets open in 1 hr 4 mins

Germany's lockdown to weigh on economy in first quarter: ministry

·1-min read
Annual economic report in Berlin

BERLIN (Reuters) - Lockdown measures to slow the spread of the coronavirus in Germany will continue to weigh on Europe's biggest economy in the first quarter of 2021, but prospects for exporters are cautiously positive, Germany's Economy Ministry said on Monday.

The ministry said the lockdown was hurting industry less than other areas of the economy, but said prospects remained cautious in view of the general pandemic and a supply bottlenecks in the semiconductor industry.

Chancellor Angela Merkel and the premiers of Germany's states agreed on Wednesday to extend restrictions to curb the spread of the coronavirus until March 7.

Germany reported 4,426 new cases on Monday and a further 116 deaths, bringing the total death toll to 65,076.

(Reporting by Riham Alkousaa; Editing by Caroline Copley)