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Money The German economy shows a contraction of 10.1% in the second quarter

13:15  30 july  2020
13:15  30 july  2020 Source:   pressfrom.com

Historic contraction of 12.1% of euro area GDP in the second quarter

 Historic contraction of 12.1% of euro area GDP in the second quarter

BERLIN (Reuters) - The German economy contracted by 10 . 1 % in the second quarter , its steepest plunge on record, as household spending, business investment and exports collapsed during the COVID-19 pandemic, preliminary data showed on Thursday. "This was the sharpest decline since the

Economy 8 minutes ago (Jul 30, 2020 04:45AM ET). BERLIN (Reuters) - The coronavirus-related plunge in Germany 's economic output in the second quarter wiped out nearly 10 years of economic growth in adjusted terms, the statistics office said on Thursday.

GERMANY-ECONOMY-GDP: The German economy shows a contraction of 10.1% in the second quarter

L'ÉCONOMIE ALLEMANDE ACCUSE UNE CONTRACTION DE 10,1% AU DEUXIÈME TRIMESTRE © Reuters / Kai Pfaffenbach THE GERMAN ECONOMY ACCUSES 10.1% CONTRACTION IN SECOND QUARTER

BERLIN (Reuters) - Germany's economy contracted 10.1% in the second quarter, its biggest drop since 1970, on slump in household spending , business investment and exports in the context of the crisis caused by the coronavirus pandemic, shows Thursday the first official estimate of the gross domestic product (GDP).

"This is the biggest drop since quarterly calculations of German gross domestic product (GDP) began in 1970," said Destatis, the Federal Statistical Institute.

On an annual basis, GDP contracted by 11.7% over the April-June period, according to seasonally adjusted data (CVS).

Economists polled by Reuters on average expected a 9.0% quarter-on-quarter contraction and 11.3% annual GDP decline.

The GDP of Europe's largest economy had already fallen by 2.0% over the first three months of the year.

(Michael Nienaber, French version Laetitia Volga, edited by Blandine Hénault)

Bank of England expects economic downturn to be less severe than feared .
Its nine-strong Monetary Policy Committee voted unanimously to hold rates.It also said that the UK economy shrank by more than 20% in the first half of the year after being hammered by the coronavirus pandemic.

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