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Business & Finance

Coronavirus hit on German economy bigger than expected in first quarter

  • On the year, gross domestic product contracted by 3.1%, the Federal Statistics Office said.
Published May 25, 2021

BERLIN: The German economy shrank by a bigger than expected 1.8% on the quarter in the first three months of the year as coronavirus curbs crushed private consumption in Europe's largest economy, data showed on Tuesday.

On the year, gross domestic product contracted by 3.1%, the Federal Statistics Office said.

A Reuters poll had pointed to a first-quarter contraction of 1.7% on the quarter and 3.0% on the year in seasonally adjusted terms.

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