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Germany\u2019s economy took a massive hit during the pandemic shutdowns.<\/p>\nGermany\u2019s economy took a massive hit during the pandemic shutdowns.<\/p>\n
Output shrank by 10.1% during the April-June period from the previous quarter, the country\u2019s official statistics agency said.<\/p>\n
It was the biggest drop since quarterly growth statistics began being compiled in 1970. The plunge far exceeded the previous worst ever recorded performance, a fall of 4.7% in the first quarter of 2009 during the global financial crisis.<\/p>\n
Tough pandemic restrictions shut down everything from taverns to car dealerships across the country.<\/p>\n
Germany has cautiously reopened and the economy has started bouncing back, but economists say it is far from the pre-virus level.<\/p>\n
Economist Carsten Brzeski at the bank ING Germany said the recovery would be \u201ca long ride.\u201d<\/p>\n
Mr Brzeski said: \u201cThis picture shows the deepest but also the shortest recession ever. All monthly indicators since May have already pointed to a strong rebound of economic activity in the course of what has been the worst quarterly performance ever.\u201d<\/p>\n
The German government has enacted a multibillion-euro stimulus package of emergency loans, credit guarantees and tax breaks to cushion the impact.<\/p>\n
The German data release comes ahead of expected figures for Italy, France and the 19-country eurozone as a whole on Friday. Those numbers are likewise expected to be dismal, although they are backward-looking and do not account for the rebound in activity after many of the toughest restrictions were lifted.<\/p>\n
So far government support measures across the currency union have held the increase in unemployment in check, one factor that could help support the rebound.<\/p>\n
The jobless rate inched up to 7.8% in June from 7.7% in May, according to a separate report published on Thursday.<\/p>\n