The German economy contracted by 9.7% in Q2

25 Aug 2020 02:59 PM

Data released on Tuesday showed the German economy contracted in Q2 by 9.7%.

Personal consumption fell by 10.9% - significantly worse than the expected 9.8% - reflecting consumer risk aversion due to the coronavirus pandemic.

On the other hand, government spending increased by 1.5% in an attempt to push Europe’s largest economy out of recession. Capital investment fell by 7.9%.

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