German economy contracts 9.7% in pandemic-hit second quarter
German central bank expects household spending to drive a strong recovery in the third quarter as savings almost double during pandemic
25 August 2020 - 19:10
Berlin — The German economy contracted by a record 9.7% in the second quarter as consumer spending, company investments and exports all collapsed at the height of the Covid-19 pandemic, the statistics office said on Tuesday.
The economic slump was stronger than during the financial crisis more than a decade ago, and it represented the sharpest decline since Germany began to record quarterly GDP calculations in 1970, the office said...
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