German Economy Shrinks by Record 10.1% in Q2

10:32' PM - Thursday, 30/07/2020

The German economy contracted 10.1 percent in April-June from the previous three months, the largest quarter-on-quarter drop since record-keeping began, the Federal Statistical Office said Thursday.

"The gross domestic product (GDP) fell a price-, seasonally and calendar-adjusted 10.1% on the first quarter of 2020. This was the largest decline since the beginning of quarterly GDP calculations for Germany in 1970," the agency said in a press release.

The quarterly downturn was also the sharpest year-on-year fall since the financial market and economic crisis of 2008-2009. The GDP lost 11.7 percent in Q2 as exports and imports of goods and services and household final consumption all recorded a massive slump.

Separately, the statistics agency estimated that 1.97 million people were registered as unemployed in June, up 2.1 percent from May and 49.2 percent from June of last year. The jobless rate was 4.5 percent. - Sputnik -

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