WORLD German economy shrinks by record 10.1% in Q2: official data

WORLD

German economy shrinks by record 10.1% in Q2: official data

AFP

16:19, July 30, 2020

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File photo: Agencies

The German economy shrank by a record 10.1 percent in the second quarter of 2020 because of the coronavirus impact, official data showed Thursday, the biggest decline in the country's post-war history.

Federal statistics agency Destatis said "the historic decrease" quarter-on-quarter was worse than any seen during the financial crisis of 2008-2009. 

The pandemic had led to "a massive slump" in both exports and imports, it said, but noted that government spending had increased from April to June.

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