In the second quarter of this year, the German economy shrunk by a massive 10.1 percent compared to the first three months of 2020 as the crushing impacts from the coronavirus crisis become increasingly evident.
Germany’s statistics office said the GDP index adjusted for inflation, seasonally and calendar effects plummeted to 94.26 in the April to June period.
The office said: “Most recently, the chain index was lower at 93.19 in the fourth quarter of 2010, so that’s roughly 10 years ago.”
The huge crash in the April to June period was triggered by a massive collapse in exports and measures introduced in a desperate attempt to contain the coronavirus pandemic.
This will set alarm bells ringing in Germany as even in the worst three months of the financial crisis in 2009, the country’s economy shrank by less than five percent.
Additional reporting by Monika Pallenberg.
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