2020-07-30 12:10:00
GERMANY'S ECONOMY DOWN 10%
REUTERS - JULY 30, 2020 - The German economy contracted by 10.1% in the second quarter, its steepest plunge on record, as household spending, business investment and exports collapsed during the COVID-19 pandemic, preliminary data showed on Thursday.
The statistics office said the plunge was the sharpest since 1970 and was worse than the 9% contraction predicted by economists in a Reuters poll. It wiped out nearly 10 years of economic growth.
"Now it's official, it's the recession of a century," said DekaBank economist Andreas Scheuerle.
"What has so far been impossible to achieve with stock market crashes or oil price shocks was achieved by a 160 nanometre tiny creature named Corona."
On the year, gross domestic product in Europe's largest economy declined by 11.7% from April to June, seasonally adjusted figures from the Federal Statistics Office showed. Analysts polled by Reuters had expected a 11.3% contraction.
Both exports and imports of goods and services collapsed in the second quarter of 2020, as did household spending and investment in equipment. But state spending increased.
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Earlier:
2020, July, 17, 12:51:00
GERMANY'S COAL IMPORTS DOWN
Steam coal imports have already fell sharply from 43 million mt back in 2016 as the share of hard coal in the German power mix declined.
2020, July, 7, 16:00:00
GERMANY'S INDUSTRIAL PRODUCTION UP
Germany has put the worst of the impact of the coronavirus lockdown behind it: orders for industrial goods rose 10.4% in May
2020, July, 6, 10:50:00
GERMANY'S RENEWABLE ELECTRICITY 56%
Renewable energies accounted for 55.8 percent of Germany’s net electricity generation
2020, July, 2, 11:30:00
GERMANY WITHOUT COAL €40 BLN
The government intends to make German power generation free of hard coal by 2033.
