Germany’s economy shrank by 2.2 percent in the first quarter compared to the final three months of 2019, preliminary official statistics have shown. It’s the biggest slump in a decade for Europe’s largest economy.
Figures for the final three months of 2019 were revised to show a contraction of 0.1 percent, which means German GDP growth has been negative for two consecutive quarters, the technical definition of a recession.
The numbers are expected to get worse; Germany’s Statistical Office has forecast a ten percent plunge in GDP for the second quarter, depending on the success of lifting lockdown measures. More than 370,000 people lost their jobs in April alone due to coronavirus-caused shutdowns.