Germany in recession as coronavirus blights eurozone economies
Germany has fallen into recession following the sharpest economic slump since the 2008 financial crisis, as the coronavirus pandemic causes severe damage for growth and jobs across the eurozone.
Europe’s largest economy shrank by 2.2% in the three months to the end of March, the country’s second-largest decrease since reunification.
On Friday, the German federal statistics office also revised down its GDP estimate for the fourth quarter of 2019 to -0.1%, indicating the country was close to recession before the coronavirus pandemic began.
Economists consider two consecutive quarters of falling GDP to be the technical definition of a recession. Germany and other eurozone nations suffered at the end of last year as the US-China trade war dragged down international demand for exports, hitting the country’s large manufacturing base while business investment also slumped.
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