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German GDP has declined the most since 1970 in the second quarter



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

Alexander Hassenstein / Getty Image

Germany recorded its worst economic downturn in the second quarter since 1970, according to statistics released on Thursday.

Germany’s gross domestic product fell by 10.1% for the quarter during the season, which was 9% worse than economists’ forecasts.

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

Later on Thursday, the United States is expected to report a 35% annual decline in GDP in the second quarter.

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Not much has changed since the dismissal, which has also happened as Germany reported that the July unemployment rate in July remained at 6.4%.


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