The pandemic pushed Germany into recession.
As of today, Germany has the most significant economic drop since the 2009 crisis. The country's GDP contracted by 2.2% in the first quarter of 2020. In 2009, the decline was 4.7%. Moreover, the German economy had no growth in the last quarter of 2019.
Due to the pandemic, most if not all economic indicators declined in just a couple of months. The household financial consumption lost 3.2%. According to specialists, the only thing that kept the GDP from decreasing even more was the government's capital expenditure, which rose by 0.2% and the fixed capital formation in construction, which had an increase of 4.1%.
Industrial orders recorded the biggest drop since 1991 between February and March, falling more than 9%. Foreign trade declined by 3.1%, while exports of goods lost 4%.
The German government anticipates the worst recession since World War II, with an overall drop in GDP by 6.3%.
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Sources: dw.com, marketwatch.com
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