Europe’s largest economy in historic slump
Germany’s economy shrank by 2.2 percent in the first quarter compared to the final three months of 2019, preliminary official statistics have shown. It’s the biggest slump in a decade for Europe’s largest economy.
Figures for the final three months of 2019 were revised to show a contraction of 0.1 percent, which means German GDP growth has been negative for two consecutive quarters, the technical definition of a recession.
The numbers are expected to get worse; Germany’s Statistical Office has forecast a ten percent plunge in GDP for the second quarter, depending on the success of lifting lockdown measures.
