German economy contracts at steepest rate on record in Q2 as Covid-19 pandemic slashes consumer spending, investment and exports
On the year, gross domestic product declined by 11.7 percent from April to June, seasonally adjusted figures showed. Analysts polled by Reuters had expected an 11.3 percent contraction.
"However, this does not change the fact that it will take the German economy a long time to return to its pre-crisis level," Kraemer added. The number of people out of work fell by 18,000 to 2.923 million people in seasonally adjusted terms, leaving the jobless rate at 6.4 percent. He added that the massive use of short-time work had helped to prevent higher unemployment and job losses.
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