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German economy shrank by record 9.7% quarter-on-quarter in second quarter

Europe Materials 25 August 2020 10:30 (UTC +04:00)

The German economy contracted by a record 9.7% in the second quarter as private consumption, investments and exports all collapsed at the height of the COVID-19 pandemic, the statistics office said on Tuesday in a minor upward-revision to an earlier estimate, Trend reports with reference to Reuters.

The statistics office had estimated in a flash GDP reading published earlier that the economy shrank by 10.1% in the April-June period.

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