The German economy collapsed at a record pace over the second quarter of this year as the coronavirus crisis took hold.
GDP fell by 10.1 percent from April to June compared to the previous quarter, the country’s Federal Office of Statistics said in a statement Thursday.
According to the statistics office, “it was the steepest decline since quarterly GDP calculations for Germany began in 1970 and was even more pronounced than during the financial market and economic crisis [in 2009].”
The office also reported that exports and imports of goods and services as well as private consumer spending and investments in equipment went down markedly over same period.
For the first time, GDP figures were published as soon as 30 days after the end of the quarter — due to the increased need for economic data amid the pandemic. More in-depth data will be available on August 25, the office said.
Meanwhile, the number of people out of work in Germany rose by just 0.1 points from June to July to hit 6.3 percent. The country’s unemployment rate has been cushioned by the government’s short-time work scheme.
“The corona-induced rise has not continued this month for the time being,” the Federal Employment Agency said Thursday, adding that at 2.91 million, the number of unemployed was 57,000 higher than in the previous month.