Germany confirms recession for first quarter, worst still to come

Germany's economy has been pushed into a recession in the first quarter, the govt confirmed on Monday. The 2.2% contraction is the steepest since the financial crisis of 2008 and the second-steepest since the country's reunification in 1990. The official statistics released on Monday confirm preliminary data from earlier this month and show a slump in exports, private consumption, and capital investments. Experts expect a much bigger drop in the second quarter, April to June, as most of the lockdown measures were only introduced in mid-March.

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