German economy plunges by record 9.7%
(Worthy News) – The German economy, Europe’s largest, contracted by a record 9.7% in the second quarter as consumer spending, company investments and exports saw a steep decline due to the coronavirus pandemic.
Although the contraction was the worst on record, it was still less than what economists initially anticipated, after the Federal Statistical Office (Destatis) revised the quarter-on-quarter contraction in gross domestic product down from the 10.1% it initially reported at the end of July.
The economic slump was much stronger than during the 2007-08 financial crisis which saw a 4.7% decline in the first quarter of 2009, and it represented the sharpest decline since Germany began to record quarterly GDP calculations in 1970, the office said. [ Source: Deutche Welle (Read More…) ]
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