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4/30, 10:01 AM (Source: TeleTrader)
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Germany's GDP down 1.7% in Q1

Germany’s gross domestic product (GDP) adjusted for price, season and calendar fell 1.7% in the first quarter of 2021 compared to the previous three-month period, the country's statistical office Destatis said in a preliminary report on Friday.

On an annual basis, Europe's largest economy contracted by 3.3% adjusted for price variations. Adjusted for price and calendar, the German GDP was down 3% on the year.

The report noted that the coronavirus pandemic is at fault for another decline in economic performance in early 2021 as the crisis impacted household consumption the most.

Breaking the News / JC