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German Economy Contracts at Record Pace


German gross domestic product declined 10.1% in the second quarter of this year and was below market expectations to contract by 9.0%. This was the largest decline since the beginning of quarterly GDP calculations for Germany in 1970.

Germany was one of the first European countries to begin easing locking measures after the outbreak forced many unimportant businesses to close and people stayed at home for more than a month.

During the second quarter, a big plunge was reported also for exports and imports of goods and services as well as for household final consumption expenditure and capital formation in machinery and equipment.

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