German GDP shrinks by 2.2% in the first quarter as coronavirus lockdown weighs
Germany's economy contracted by 2.2% in the first quarter, its sharpest quarterly decline since the first three months of 2009, in the throes of the global financial crisis.
BERLIN, GERMANY - APRIL 23: German Chancellor Angela Merkel sits at the Bundestag on April 23, 2020 in Berlin, Germany. Germany is still at the beginning of the coronavirus pandemic and will have to live with it for a long time, the Chancellor said.shrank by 2.2% in the first quarter compared to the final three months of 2019, official preliminary statistics revealed Friday.
On the year, Germany's economy shrank by 2.3% from January to March compared to the same period in 2019, having posted a 0.4% annual rise in the fourth quarter. Germany shuttered shops and factories in mid-March and began easing its lockdown restrictions in late April, having experienced a considerably lower death rate than other major European countries. However, significant portions of the economy remain shut.
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