Economic output in Germany collapsed by 16 percent during the coronavirus shutdowns, according to a company survey published by the ifo Institute on Tuesday.

Gross domestic product (GDP) in Germany was likely to have fallen by 1.9 percent in the first quarter before collapsing by 12.2 percent in the second quarter, according to ifo.

In 2020, economic output adjusted for calendar effects in Germany was expected to shrink by 6.6 percent, according to the survey of around 8,800 German companies.

"We will not return to pre-coronavirus conditions until the end of 2021," said Timo Wollmershaeuser, head of forecasts at ifo. "Only then will production of goods and services attain the level that would have been reached without the coronavirus crisis."

With turnover losses of 84 percent in April, travel agencies and tour operators in Germany reported the biggest slump of economic output compared to pre-coronavirus levels, the survey found. Germany's aviation as well as hotel and restaurant industry were also severely hit.

Leisure, entertainment, culture, accommodation and restaurant services in Germany in particular would still feel the consequences of the coronavirus crisis "well into next year," said Wollmershaeuser.

The "only winner" in the crisis was the pharmaceutical industry, with a 7 percent increase in capacity utilization, ifo noted.

From the third quarter 2020 onwards, all sectors of the German economy would be able to record growth again, according to ifo. However, the growth would be on a "significantly smaller scale" than the decline in the first half of the year.

The estimates by ifo were based on the assumption that the coronavirus would not be defeated in the coming months, but its spread could be contained and a second wave of infection could be avoided.

Also assumed was that neither Germany nor its sales and procurement markets would experience a wave of insolvencies "leading to distortions in the financial system and requiring a realignment of global value chains," according to ifo. Enditem