RSS   Newsletter   Contact   Advertise with us

Germany in recession as economy shrinks 2.2%

Christian Fernsby ▼ | May 15, 2020
The German economy shrank by 2.2% in the first quarter compared with the previous three-month period as shutdowns in the country and beyond started to bite, official data showed Friday.
Germany factory
Quarter   Germany factory
That means Europe’s biggest economy went into recession following a small dip at the end of last year.

Topics: Germany

The figures from the Federal Statistical Office offered a first glimpse of the damage caused by the coronavirus crisis, which the government is trying to limit with rescue programs and has pushed other big European economies like France and Italy into recession.

The decline in the January-March period was the second-biggest quarterly decline since Germany was reunited in 1990, exceeded only by a 4.7% drop in the first quarter of 2009 at the height of the global financial crisis, senior statistics office official Albert Braakmann said.