The German Economy Contracted More Than Expected in Q1

Data on Tuesday showed that the German economy contracted by more than expected 1.8% on a quarterly basis in the first three months of the year, as restrictions linked to the Coronavirus squandered private consumption in Europe’s largest economy.

The Federal Statistics Office said gross domestic product shrank 3.1% year-on-year.

A Reuters poll had indicated a contraction of 1.7% on a quarterly basis in Q1, and 3% on an annual basis, after adjusting in light of seasonal factors.