German GDP Shrinks at Record Rate in Q2

The German economy contracted in the second quarter of 2020 by 10.1% vs. -9.0% expected, it’s the biggest decline on record, as shown by preliminary data on Thursday.

On a yearly basis, the German gross domestic product (GDP) contracted 11.7% vs. -10.9% decline expected by analysts, according to the German statistical office.

This was the result of the coronavirus pandemic crisis and lockdown measures across the country.