The German economy is contracting more than expected

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The German economy is contracting more than expected

Reuters

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On Friday, data showed that the German economy contracted by 1.7 percent in the first quarter of this year.

The lockdown measures, imposed in Germany since last November to contain the Coronavirus, have undermined private consumption in Europe’s largest economy.

The German Statistical Office said: “The Coronavirus crisis caused another decline in economic performance at the beginning of 2021 … this affected household consumption in particular, while commodity exports supported the economy.”

A poll had indicated a 1.5 percent contraction in the first quarter of 2021.

Source: Reuters



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