Germany's economy posts its largest decline since 1970 with GDP shrinking 10% in Q2

picture alliance/Getty

• Germany's economy saw a sharp 10% drop in the second quarter of 2020, the worst quarterly GDP contraction since records began in 1970.
• Germany's record decline reflected the impact of an economic plunge across areas including trade, consumer spending, and investment. 
• Unemployment remains a concern with jobs in the country's major airlines and automotive sectors at high risk.
• Fears are growing over an expected COVID-19 second wave with an influx of tourists and reopening of businesses.
• Visit Business Insider's homepage for more stories.

---

Europe's biggest economy slumped the most since 1970, with GDP declining 10% in the second quarter, the country's statistics authority said in a flash estimate released on Thursday.

Economists had predicted a 9% decline to account for the economic hammering caused by the pandemic, leading to record unemployment and unseen government stimulus responses.

See the rest of the story at Business Insider

NOW WATCH: July 15 is Tax Day — here's what it's like to do your own taxes for the very first time

See Also:

• 'We are prepared to act quickly': Treasury Secretary Mnuchin says $1 trillion GOP coronavirus relief plan is set to be released Monday
• The US's $600 unemployment boost expires today. Here's a list of 4 other programs set to end soon.
• States that reopened the earliest from pandemic-driven shutdowns saw no economic gains, study shows

SEE ALSO: Credit Suisse posts a 24% jump in second-quarter net profits and shakes up its investment-banking division

from Feedburner https://ift.tt/3fcAqT7