German Economy Shrank 10.1% at Height of Virus Crisis

Germany’s gross domestic product shrank at the fastest pace in half a century in the second quarter of 2020, according to preliminary data that confirm the depth of the recession in Europe’s largest economy, the Financial Times reported. GDP contracted 10.1 per cent quarter-on-quarter, the largest decline since quarterly calculations began in 1970 — and far bigger than the fall at the height of the global financial crisis, the national statistical agency said on Tuesday. Its flash estimate of the year-on-year fall in GDP in the second quarter, at 11.7 per cent, was also the largest on record. The contraction in output was worse than analysts had expected, and underlines the challenge facing European policymakers as fears grow over a second wave of infections that could delay the economic recovery. Read more