German economy shrinks by record 10.1%

The German economy contracted by 10.1% in the second quarter, its steepest plunge on record, as household spending, business investment and exports collapsed during the COVID-19 pandemic, preliminary data showed on Thursday.

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[NotThatBob]

Can't say no one saw this coming. The real surprise is that it's not worse.

[flynnflynn]

Bless you Germany. We all know you'll bounce back. ♡ (from U.S.)

[Charlie_Loves]

An entire country is matching my financial situation. In short; you are not alone.

[Garapetsa]

It will go down more after 12k americans leave.

[JamesOGant]

Yeah the difference is that they will survive the pandemic with minimal evictions and structural violence in the way of poverty etc. Because they nationalized wages during the pandemic. If the US pumps trillions of dollars in to the stock market and our economy "grows" but the people all end up evicted and homeless, jobless who's economy really shrunk?

[pamelahomeyer]

Germans to the best designing and work, so I am sure their economy will bounce back quickly. Stay strong Germany

[KingDeVotion]

They looked out for their citizens and their economy will flourish 2021 they will be an economic powerhouse

[beluwuga]

Looks like we are getting a sequel for the great depression.

[BigKatz]

Annualized basis. But. Probably would be worse if not so inflexibly regulated. Fast down = fast up. Slow to drop = slow to rise. How vibrant vs how stable?

[lisagaedike]

I wanna see the numbers compared to other countries during this crisis. And then also in conjunction with how many people got infected and died during the entire pandemic. I wanna see which countries chose their economy over their people and vice versa. Also who recovered quickly.

[randyroggenbuck]

Nobody is buying their cars right now and that is taking a very big bite out of their economy. And until things change I don't see this situation changing any time soon

[poshmalosh]

Since the USA is such a large influence on the world at the moment, though it fell 33% it's influence in the world will have slight economic effects on countries we're large traders with

[DEJLRE]

I don't see many economies thriving at this time. In the States recovery may take 2-3 years in some areas. Pray for a vaccine.

[lestermount]

it is going to shrink more with the removal of American troops

[BlankRami]

All of a sudden, everyone (mostly non germans) is an expert on why this happened and blames it on syrian immigrants.
It's a pandemic and EVERY country is effected somehow.

[enrique]

I think I can remember a time where it was much worse just saying

[Kyle_Schaff]

I guess this is what happens during a pandemic when nearly half (47.4%) of your economy is in the exports market. Sucks, man. I hope that you guys can weather this without too much suffering because this externality is totally outside of your control.

[overseer]

This is why the world needs America the great.

[kieraholmes]

is this good or bad? I can't tell by his tone of

[justinmanley]

We should ALL be concerned with what is happening with the world economy.
We all live on the same rock with a dab of water on it.
We all depend on each other for the unlikely survival of life on this planet.