German economy shrinks 2.2 percent in Q1 on coronavirus impact

# 19:42
15 May 2020

The German economy has suffered its worst contraction since 2009, shrinking by 2.2 percent in the first quarter of the year due to the COVID-19 pandemic, APA reports citing Sputnik.

A study by the German economic institute Ifo previously showed that the country's economic output had plunged by 16 percent due to the coronavirus-induced shuttering of businesses across the country and predicted that the nation’s gross domestic product could plummet by 12 percent in the second quarter.

At the same time, in a move to kickstart the economy, the German authorities loosened coronavirus-related restrictions on 20 April with shops, restaurants, and production starting to reopen.