Percorso:ANSA > Nuova Europa > Business > German economy shrinks by record 10.1% in Q2 on virus hit

German economy shrinks by record 10.1% in Q2 on virus hit

Analysts had expected a slightly smaller contraction

30 July, 16:40
(ANSA-AFP) - FRANKFURT AM MAIN, 30 JUL - The German economy shrank by a record 10.1 percent in the second quarter as coronavirus lockdowns took their toll, official data showed Thursday, but experts say a recovery is already under way.

Federal statistics agency Destatis called the quarter-on-quarter decline in gross domestic product "historic" and far bigger than any slump seen during the 2008-2009 financial crisis. Economy Minister Peter Altmaier had warned earlier this year that the pandemic would push Europe's top economy into "the worst recession" in its postwar history, ending a decade of growth.

Analysts had expected a slightly smaller contraction of around nine percent for the April-June period.(ANSA-AFP)- (ANSA).

© Copyright ANSA - All rights reserved