German Economy Shrinks by Record 10.1% in the Second Quarter Amid Coronavirus Pandemic

The gross domestic product in the largest economy of Europe declined by 11.7 percent from April to June

The economy of Germany shrank by 10.1 percent in the second quarter, the steepest fall on record as household spending, business investment and exports fell during the coronavirus or COVID-19 pandemic, preliminary data stated on Thursday.

"This was the sharpest decline since the quarterly GDP calculations for Germany began in 1970," the statistics office mentioned referring to the data.

Germany Economy Fall

Economy Pixabay

On the year, gross domestic product in Europe's largest economy declined by 11.7 percent from April to June, seasonally adjusted figures from the Federal Statistics Office showed.

Analysts polled by Reuters had expected national output to shrink by nine percent quarter-on-quarter and an 11.3 percent contraction year-on-year in seasonally adjusted terms.

(With agency inputs)

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