The German cement sector has fared better than most during the pandemic. Cement demand is forecast to remain stable this year, with a more cautious outlook for 2021. Meanwhile, producers are embracing the latest technology for a leaner, greener manufacturing base.
Germany’s economic growth slowed to 0.6 per cent in 2019 from 1.5 per cent the previous year, according to Destatis, the country’s federal statistics office, marking a sharp slump in growth and the weakest expansion since 2013.
Following a slight economic contraction in the 4Q19, the coronavirus pandemic officially pushed Germany into recession in the 1Q20, as GDP declined by 1.8 per cent on the same quarter of the preceding year. A steeper contraction of 11.3 per cent YoY was registered in the 2Q20, representing a much sharper fall in activity than during the financial crisis in 2008-09. The ongoing pandemic and related restrictions have resulted in a massive drop in domestic and foreign demand compared to the 1Q20.
