Germany’s economy collapsed at a record pace in the second quarter of this year as the coronavirus crisis took hold.
GDP fell 10.1% from April to June from the previous quarter, the country’s Federal Statistics Office said in a statement on Thursday.
According to the statistics office, “this is the largest decline since quarterly GDP calculations for Germany began in 1970 and was even more pronounced than during the crisis in the financial markets and the economic crisis”. [in 2009].”
The bureau also reported that exports and imports of goods and services as well as private consumption expenditure and investment in equipment fell markedly over the same period.
For the first time, GDP figures were released as early as 30 days after the end of the quarter – due to the increased need for economic data amid the pandemic. More detailed data will be available on August 25, the office said.
Meanwhile, the number of jobless people in Germany rose just 0.1 points from June to July to 6.3%. The country’s unemployment rate has been cushioned by the government’s short-time work program.
“The rise induced by the coronavirus has not continued this month at the moment,” the Federal Employment Agency said on Thursday, adding that at 2.91 million, the number of unemployed was higher by 57,000 to that of the previous month.