The German economy contracted by a record 9.7% in the second quarter as consumer spending, company investments and exports all collapsed at the height of the COVID-19 pandemic, the statistics office said on Tuesday.
The economic slump was much stronger than during the financial crisis more than a decade ago, and it represented the sharpest decline since Germany began to record quarterly GDP calculations in 1970, the office said.
Still, the reading marked a minor upward revision from an earlier GDP estimate for the April-June period of -10.1% quarter-on-quarter that the office had published last month.
Consumer spending shrank by 10.9% on the quarter, capital investments by 19.6% and exports by 20.3%, the seasonally adjusted GDP data showed.
Construction activity, normally a consistent growth driver for the German economy, fell by 4.2% on the quarter.
The only light came from state consumption which rose by 1.5% on the quarter due to the government’s coronavirus rescue programmes, the office said.
German economy shrank by record 9.7% in second quarter, CNBC, Aug 25
The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…
Bitcoin finds support near the 50-day moving average, but further declines in the stock market…
- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…
- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…
The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…
The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…
This website uses cookies