Germany: GDP falls by more than 2 percent
Economy slides into recession as a result of Corona
The spread of the corona pandemic has led to a recession in Germany. According to the German Federal Statistical Office, economic output fell by 2.2 percent in the first quarter of this year compared with the previous quarter – the sharpest decline since the financial crisis more than ten years ago. An even steeper fall was only prevented by increased government investment in construction and consumption.
Export sales and consumer spending in particular fell sharply in the first quarter. As the Wiesbaden authorities announced today, local companies also invested significantly less in machinery, equipment, vehicles and other equipment during this period. The construction industry also had to cope with considerable losses. Deutsche Welle
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