“This was the largest decline since the beginning of quarterly GDP calculations for Germany in 1970. It was much larger than during the financial market and economic crisis (-4.7% in first quarter of 2009),” the authority said.
Germany is the first European economy to report second-quarter GDP results.
On an annual basis, its economy contracted 11.7% despite reopening businesses that followed coronavirus-induced restrictions in the first quarter.
Last time the country faced a comparable decline was in 2009, when it contracted by 7.9% on an annual basis.
A broader picture of the second quarter is scheduled to be released by Destatis on August 25. Current flash estimates aim to serve high demand from a bunch of politicians, businesses, and the society who wish to gauge the economic uncertainty.