BUSINESS
German economy collapsed dramatically by 10.1% – Finances Herald
BUSINESS

German economy collapsed dramatically by 10.1% – Finances Herald

Published: July 31, 2020  |  3 min read, 581 words
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The German economy collapsed in the second quarter due to the coronavirus crisis. From April to June, gross domestic product (GDP) fell by 10.1% from the previous quarter, according to the Federal Statistical Office.Meanwhile, the economists expected a 9% drop.This is the largest decline since the beginning of quarterly calculations for Germany in 1970. By comparison, even in the worst three months of the financial crisis in 2009, the economy shrank by less than 5%.Measures to control the pandemic paralyzed much of the economy: shops, hotels, and restaurants had to close, factories also... READ MORE
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