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Tags: Germany | Economy

German Economy Shrinks by 2.2% in Q1 over Virus Downturn

German Economy Shrinks by 2.2% in Q1 over Virus Downturn

Monday, 25 May 2020 04:38 AM

BERLIN (AP) — The German economy shrank by 2.2% in the first quarter of the year compared to the same period in 2019 amid a global downturn linked to the coronavirus pandemic.

Germany's Federal Statistical Office said Monday that it was the biggest quarterly decline since the 2008-2009 global financial crisis.

Figures show that private consumption and exports were the hardest hit. Investments in the engineering sector, construction and public expenditure helped prevent an even bigger downturn.

As Germany's economic dipped 0.1% in the last quarter of 2019, the country has entered what is known as a “technical recession.”

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
The German economy shrank by 2.2% in the first quarter of the year compared to the same period in 2019 amid a global downturn linked to the coronavirus pandemic.Germany's Federal Statistical Office said Monday that it was the biggest quarterly decline since the 2008-2009...
Germany,Economy
98
2020-38-25
Monday, 25 May 2020 04:38 AM
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