German GDP fell 10.1% in the second quarter
Germany recorded its worst deterioration in the economy in the second quarter since 1970, according to statistics released Thursday.
German gross domestic product fell a seasonally adjusted 10.1% quarter-on-quarter, which was worse than the 9% drop forecast by economists. The Federal Statistical Office said there was a “massive slump” for exports and imports of goods and services as well as for household final consumption expenditure and capital formation in machinery and equipment.The euro EURUSD, -0.48% didn’t move much after the release, which also came as Germany reported the unemployment rate stayed at 6.4% in July.
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