German economy plunged 10% during second quarter

German economy shrinks by record 10.1% in Q2 on virus hit

"The staggering news of the historic decline of the gross domestic product in the second quarter should shock us all", US Chamber of Commerce Executive Vice President Neil Bradley said in a statement. The BEA calculates changes in GDP based on what would happen if the same growth or decrease happened for an entire year.

For the whole of 2020, the German government forecasts that GDP will contract 6.3 percent before expanding by 5.2 percent in 2021. The contrast of rising income and falling spending drove up personal saving by $4.69 trillion in the second quarter.

Germany's statistical office said a "massive slump" in exports and imports of goods, household spending and capital formation had been offset to an extent by higher government spending.

The U.S. economy plunged by an unprecedented 32.9% in the second quarter as the COVID-19 pandemic and related shutdown hammered business activity.

Germany's record decline reflected the impact of an economic plunge across areas including trade, consumer spending, and investment.

The contraction in output was worse than analysts had expected, and underlines the challenge facing European policymakers as fears grow over a second wave of infections that could delay the economic recovery.

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The contraction occurred as the coronavirus pandemic was running rampant across the country.

But spending sputtered during the second quarter, with businesses forced to close from mid-March onward to accommodate social distancing due to the coronavirus outbreak.

Private inventories fell alongside, as motor vehicle dealers cut inventories, with a drop in demand in demand for transport equipment dragging on non-residential fixed investment. Spending at retailers sank by a record 14.7% in April, according to the Commerce Department, before rebounding in each of May and June.

In the most recent data, initial claims rose 109,000 in the week ended July 18 to almost 1.42 million, with an additional 974,999 filed under a program for people who would not normally be eligible. Exports and imports were both down more than 20% from a year ago, while consumer spending - the main driver of the United States economy - fell 10.7% year-on-year.

The rebound in activity will largely be captured in the third-quarter figures, which won't be released until October 29, just days before Election Day. The housing sector has done well as the economy reopened but many other sectors, especially the labor market, have struggled or stalled.

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