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

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.

Written by Associated Press

August 25, 2020 14:07 IST

Germany economy, Europe, coronavirus pandemic, global financial crisis, latest news on germany economy

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. (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.

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.

This article was first uploaded on August twenty-five, twenty twenty, at seven minutes past two in the afternoon.