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Home / Business / German GDP has fallen sharply since the 1970s in the second quarter

German GDP has fallen sharply since the 1970s in the second quarter



People wearing protective face masks walk the main shopping street in the City of Munich during the coronavirus crisis on April 30, 2020 in Munich, Germany.

Alexander Hassenstein / Getty Images

Germany recorded its worst deterioration in the economy in the second quarter since 1970, according to statistics released Thursday.

German gross domestic product fell by a quarterly adjusted 10.1% year-on-year, which was worse than the 9% decline in economists.

The Federal Statistical Office said there had been a “sharp decline” in exports and imports of goods and services as well as in household final consumption expenditure and capital formation in machinery and the equipment.

The U.S. later on Thursday is expected to report a 35% annualized decline in second-quarter GDP.

Euro EURUSD,
-0.46%
did not move much after the release, which also came as Germany reported that the unemployment rate remained at 6.4% in July.


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