German GDP Contracts by 10% in Q2

Germany’s gross domestic product (GDP) recorded its worst decline on record during the second quarter (Q2) of 2020, contracting by 10.1%, as shown by preliminary official data.

Moreover, the German economy contracted by 11.7% on annual basis during Q2 of 2020.

The COVID-19 crisis has negatively impacted Germany and much of the world, with lockdowns and precautionary measurements affecting both production and consumption in the largest economy in Europe.