Economic news

German Economy Shrank by Record 9.7% q/q in Second Quarter

The German economy contracted by a record 9.7% in the second quarter as private consumption, investments and exports all collapsed at the height of the COVID-19 pandemic, the statistics office said on Tuesday in a minor upward-revision to an earlier estimate.

The statistics office had estimated in a flash GDP reading published earlier that the economy shrank by 10.1% in the April-June period.

(Reporting by Michael Nienaber; editing by Thomas Seythal)

Source: Reuters


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