July 30, 2020

German economy shrinks by record 10.1% in Q2 on virus hit

Frankfurt am Main (AFP) – The German economy shrank by a record 10.1 percent in the second quarter as coronavirus lockdowns took their toll, official data showed Thursday, but experts say a recovery is already under way.Federal statistics agency Destatis called the quarter-on-quarter decline in gross domestic product “historic” and far bigger than any slump seen during the 2008-2009 financial crisis.Economy Minister Peter Altmaier had warned earlier this year that the pandemic would push Europe’s top economy into “the worst recession” in its postwar history, ending a decade of growth.Thursday’…

source https://this.kiji.is/en/661489618299913313?c=648607265489716321

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