Germany's GDP shrunk by an extraordinary 10.1 percent

The historical fall of the German economy was recorded in the second quarter of 2020. It can take two years to fully recover.

The unprecedented rate of decline in the German economy amid the coronavirus pandemic was recorded in the second quarter of 2020. The country's GDP contracted 10.1 percent from April to July compared to the previous quarter. This is evidenced by preliminary data from the Federal Statistical Office of Germany, published on Thursday, July 30.

Compared to the same period last year, the German economy fell by 11.7 percent. The export and import of goods and services, consumer spending of citizens, as well as investments of enterprises in equipment have significantly decreased. The current decline is unprecedented since the start of the quarterly GDP count in 1970.

At the same time, economists expect the start of economic recovery in Germany in the second quarter of this year - if the number of COVID-19 infections does not start to grow. In particular, thanks to the large-scale incentive measures taken by the German government. The German authorities will allocate about 130 billion euros, in particular, to support consumer demand. But even taking into account all the measures, it may take about two years to fully compensate for the historical fall,- dpa agency reports.