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8/25/2020, 8:02 AM (Source: TeleTrader)
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Germany's GDP down by 9.7% in Q2

Germany's gross domestic product (GDP) adjusted for a price dropped by 9.7% in the second quarter of 2020 in comparison to the previous trimester, the Federal Statistical Office (Destatis) unveiled on Tuesday.

The report also revealed the country's economy decreased by 11.3% compared to the same period last year, marking the sharpest year-on-year decline since the second quarter of 2009.

Destatis noted Germany's trade with foreign countries slumped by 20.3% quarter-on-quarter and by 22.2% on an annual basis as a result of the coronavirus pandemic. On the other hand, the final consumption expenditure of general government stabilized, rising by 1.5% and preventing a sharper fall in GDP.

Breaking the News / JR