Germany economy’s 2nd-quarter decline revised to below 10 per cent

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Updated: Aug 25, 2020 2:07 PM

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

Germany economy, Europe, coronavirus pandemic, global financial crisis, latest news on germany economyDespite 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 per cent decline in the first quarter of 2009, during the global financial crisis. (Reuters photo)

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 per cent 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 per cent 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 per cent 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.

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