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Financial News: Germany GDP Falls Most Since 1970

Germany GDP Falls Most Since 1970

07/30/2020 - 04:24:00 (RTTNews)

(RTTNews) - Germany's economy contracted the most on record in the second quarter amid coronavirus pandemic, data from Destatis revealed Thursday.

Gross domestic product fell 10.1 percent sequentially after shrinking 2 percent in the first quarter. This was the largest decline since the records began in 1970. Economists had forecast a decrease of 9 percent.

There was a massive slump in exports and imports of goods and services as well as for household final consumption expenditure and capital formation in machinery and equipment. Meanwhile, general government raised its final consumption expenditure during the crisis.

On a yearly basis, GDP declined by calendar-adjusted 11.7 percent in the second quarter versus economists' forecast of 11.3 percent. Price-adjusted GDP also declined 11.7 percent.

Elsewhere, data from Federal Employment Agency showed that unemployment decreased by 18,000 in July, confounding expectations for an increase of 43,000.

The jobless rate remained at 6.4 percent versus the expected rate of 6.5 percent.

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