Germany's economy contracted by 10.1% in the second quarter, its steepest plunge on record, and wiped out nearly 10 years of economic growth
The Federal Statistics Office said gross domestic output in Europe’s largest economy shrank by 10.1% quarter-on-quarter from April to June after a revised 2.0% contraction in the first three months of the year.
Both exports and imports of goods and services collapsed in the second quarter, as did household spending and investment in equipment, the office said. But state spending increased. The number of people out of work fell by 18,000 to 2.923 million people in seasonally adjusted terms, leaving the joblessness rate at 6.4%.
He added that the massive use of short-time work had helped to prevent higher unemployment and job losses.
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