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German GDP has been declining the most since 1970 in the second quarter



People wearing protective masks walk on the main shopping street in Munich during the coronavirus crisis on April 30, 2020 in Munich, Germany.

Alexander Hassenstein / Getty Images

According to statistics released on Thursday, Germany experienced the worst economic downturn in the second quarter since 1970.

Seasonally adjusted German gross domestic product fell by 10.1% quarter on quarter, which was worse than economists’ 9% forecast.

The Federal Statistical Office said there had been a “big drop” in exports and imports of goods and services, as well as household final consumption expenditure and capital formation in machinery and equipment.

The US is expected to announce a 35% annualized GDP decline in the second quarter later on Thursday.

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Following the dismissal, which also came, Germany did not move much when Germany stated that the unemployment rate remained at 6.4% in July.


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