The German economy contracted at a record rate of 9.7% in the second quarter; In light of the collapse of consumer spending, corporate investment and exports at the height of the Corona pandemic.
According to Reuters, the statistics office in Germany said that the economic decline far exceeds what happened during the financial crisis more than ten years ago, and represents the largest decline since Germany began Recorded quarterly GDP accounts in 1970.
But the reading represents a slight revision, up from a previous estimate of GDP for the period between April and June of -10.1% on a quarterly basis published by the office last month.
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> Consumer spending shrank 10.9% on a quarterly basis, capital investment decreased 19.6% and exports decreased 20.3%, as shown by adjusted GDP data in light of seasonal factors. / p>
construction activities, a constant driver of growth in the German economy, fell 4.2% on a quarterly basis.
The Census Bureau said that 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.
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