‘We Finally Have A Number’: German Economy Logs Largest Contraction In Recorded History

‘We Finally Have A Number’: German Economy Logs Largest Contraction In Recorded History

"Massive slump" -- that's how Germany's Federal Statistical Office described the worst quarterly performance on record for the world's fourth-largest economy. "The crisis finally has a number", ING declared, in a quick reaction note. That number is 10.1%, and it represents the biggest contraction since the beginning of quarterly GDP calculations for Germany in 1970. By comparison, the German economy slumped "just" 4.7% in the first quarter of 2009, during the financial crisis. The YoY prin
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