German economy registers 1.9 pc contraction during Q1

German economy registers 1.9 pc contraction during Q1

Agency News

Berlin, May 15 : Germany's economy registered a 1.9 per cent contraction during the first quarter(on a year on year basis) of the current fiscal year, revealed the federal statistics agency on Friday. The first quarter GDP of 2020-21 came down on a price-adjusted basis by 1.9 pc, and on a calendar-adjusted basis it came down by 2.3 per cent as production was heavily affected due to the curbs that have been imposed to control the Corona virus induced pandemic, the agency's spokesperson said as quoted by Xinhua.

As per the agency confirming that this to be the highest year-on-year quarterly drop since the 2008-2009 financial crisis. The largest decrease in the year on year quarterly growth rate of 7.9 per cent was recorded for the second quarter of 2009. The economic fallout of the pandemic has become evident with Germany's quarter-on-quarter performance after having only a moderate impact during January and February. (UNI)