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Tags: Germany | Economy

Germany Economy's 2nd-quarter Decline Revised to below 10%

Germany Economy's 2nd-quarter Decline Revised to below 10%

Tuesday, 25 August 2020 03:37 AM

BERLIN (AP) — The German economy, Europe's biggest, shrank slightly less in the second quarter than originally estimated, the official statistics agency said Tuesday — though the 9.7% drop was still easily the worst on record.

The Federal Statistical Office revised the quarter-on-quarter contraction in gross domestic product down from the 10.1% it initially reported at the end of July.

Despite the revision, it remained by far the steepest drop in the 50 years that quarterly GDP figures have been recorded — easily beating a 4.7% decline in the first quarter of 2009, during the global financial crisis.

The German decline was one of the less drastic second-quarter contractions among Europe's major economies as wide-ranging shutdowns because of the coronavirus pandemic took their toll on economic activity during the spring. France, Italy, Spain and Britain all saw double-digit drops.

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 This material may not be published, broadcast, rewritten or redistributed.


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The German economy, Europe's biggest, shrank slightly less in the second quarter than originally estimated, the official statistics agency said Tuesday - though the 9.7% drop was still easily the worst on record.The Federal Statistical Office revised the quarter-on-quarter...
Germany,Economy
136
2020-37-25
Tuesday, 25 August 2020 03:37 AM
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