The German economy shrank more than expected in the first quarter as coronavirus-related restrictions spurred householders to put more money than ever into savings, data showed on Tuesday.
Europe s largest economy contracted by 1.8 per cent quarter on quarter and by 3.1 per cent on the year, the Federal Statistics Office said. The readings, for which a Reuters poll had forecast drops of 1.7 per cent and 3.0 per cent respectively, were significantly weaker than the euro zone average. German households disposable income increased slightly as the government ploughed billions of euros into job protection schemes and cash handouts such as extra child benefits. But curbs linked to containing the pandemic also made it harder for consumers to spend it.
Covid hit on German economy bigger than expected in Q1
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Destatis ухудшил оценку снижения ВВП Германии в первом квартале до 3,4%
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Саммит ЕС запретил белорусским самолетам летать в Евросоюз
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Summer boom beckons for German economy after winter COVID blues
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