-
Important news
-
News
-
Shenzhen
-
China
-
World
-
Opinion
-
Sports
-
Kaleidoscope
-
Photos
-
Business
-
Markets
-
Business/Markets
-
World Economy
-
Speak Shenzhen
-
Leisure
-
Culture
-
Travel
-
Entertainment
-
Digital Paper
-
In-Depth
-
Weekend
-
Lifestyle
-
Diversions
-
Movies
-
Hotels and Food
-
Special Report
-
Yes Teens!
-
News Picks
-
Tech and Science
-
Glamour
-
Campus
-
Budding Writers
-
Fun
-
Futian Today
-
Advertorial
-
CHTF Special
-
Focus
-
Guide
-
Nanshan
-
Hit Bravo
-
People
-
Person of the week
-
Majors Forum
-
Shopping
-
Investment
-
Tech and Vogue
-
Junior Journalist Program
-
Currency Focus
-
Food and Drink
-
Restaurants
-
Yearend Review
-
QINGDAO TODAY
在线翻译:
szdaily -> World Economy -> 
Germany dives into recession
    2020-05-26  08:53    Shenzhen Daily

THE German economy posted its largest decline in output since the financial crisis in the first quarter and entered a recession due to the coronavirus pandemic and the lockdown implemented in mid-March, the German statistics office Destatis said yesterday, confirming a preliminary estimate.

As previously reported, gross domestic product (GDP), the broadest measure of goods and services produced in an economy, contracted 2.2 percent in the first quarter compared with the previous quarter. GDP fell 2.3 percent year on year in the first quarter on a calendar and price-adjusted basis, Destatis said, confirming the first estimate.

This is the second largest decrease since German unification, following a 4.7 percent decline in the first quarter of 2009, Destatis said.

Household final consumption decreased an adjusted 3.2 percent and fixed capital formation in machinery and equipment declined 6.9 percent. Government expenditure rose 0.2 percent and fixed capital formation in construction increased 4.1 percent, preventing an even larger GDP decrease.

Foreign trade also declined due to the coronavirus. According to provisional calculations, exports were down 3.1 percent, after price, seasonal and calendar adjustment. While exports of goods decreased 4 percent, exports of services increased 0.7 percent. Imports of goods and services were down 1.6 percent.

The lockdown started in Germany on March 22 and was less stringent than in other eurozone countries. Economists expect to see a sharper GDP contraction in the second quarter. With the German economy starting its gradual reopening April 20, a larger chunk of second-quarter output will be lost than in the first quarter.

Roughly 45 million people were in employment in the first quarter, up 147,000 people year on year. Such a small year-on-year rise had last been observed in the second quarter of 2010, Destatis said. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn