KONTAN.CO.ID - BERLIN. The German economy plunged into a recession after suffering its steepest quarterly contraction since the 2009 financial crisis as shops and factories were shut down in mid-March to fight the spread of the coronavirus, preliminary data showed on Friday. The 2.2% first-quarter contraction was a foretaste of worse to come. Economists expect a deeper slump in the second quarter as the lockdown extended well into April and early May and sectors like tourism and in-door gastronomy remain shut. Still, Germany appears to be fairing better than neighbouring France and Italy, whose economies contracted by 5.8% and 4.7% respectively in the first quarter.
Virus-hit German economy plunges into recession
KONTAN.CO.ID - BERLIN. The German economy plunged into a recession after suffering its steepest quarterly contraction since the 2009 financial crisis as shops and factories were shut down in mid-March to fight the spread of the coronavirus, preliminary data showed on Friday. The 2.2% first-quarter contraction was a foretaste of worse to come. Economists expect a deeper slump in the second quarter as the lockdown extended well into April and early May and sectors like tourism and in-door gastronomy remain shut. Still, Germany appears to be fairing better than neighbouring France and Italy, whose economies contracted by 5.8% and 4.7% respectively in the first quarter.