Germany’s statistics office said the country’s economy contracted at a record pace of 9.7% in Q2 as consumer spending, corporate investment and exports collapsed due to Coronavirus.<\/p>\n\n\n\n
The office added that the economic downturn far exceeds what happened during the financial crisis more than a decade ago, and represented the largest drop since Germany began recording quarterly GDP accounts in 1970.<\/p>\n\n\n\n
But the reading represents a slight revision, up from a previous estimate of gross domestic product for the April-June to -10.1% on a quarterly basis, published by the office last month.<\/p>\n\n\n\n
Consumer spending shrank by 10.9% on a quarterly basis, capital investment decreased by 19.6%, and exports decreased by 20.3%, as shown by the adjusted GDP data in light of seasonal factors.<\/p>\n\n\n\n
Construction activities, a constant engine of growth in the German economy, fell 4.2% on a quarterly basis.<\/p>\n\n\n\n
The statistics office said the only positive factor came from government consumption, which rose 1.5% on a quarterly basis due to a government rescue program related to the Coronavirus.<\/p>\n","protected":false},"excerpt":{"rendered":"
Germany’s statistics office said the country’s economy contracted at a record pace of 9.7% in Q2 as consumer spending, corporate investment and exports collapsed due to Coronavirus. The office added that the economic downturn far exceeds what happened during the financial crisis more than a decade ago, and represented the largest drop since Germany began …<\/p>\n","protected":false},"author":9,"featured_media":31891,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[6839],"class_list":["post-33124","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-germany"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/33124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=33124"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/33124\/revisions"}],"predecessor-version":[{"id":33125,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/33124\/revisions\/33125"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31891"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=33124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=33124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=33124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}