People wearing protective face masks walk on the main shopping street in Munich City during the coronavirus crisis on April 30, 2020 in Munich, Germany.
Alexander Hassenstein/Getty Images
Germany recorded its worst deterioration in the economy in the second quarter since 1970, according to statistics released Thursday.
German gross domestic product fell a seasonally adjusted 10.1% quarter-on-quarter, which was worse than the 9% drop forecast by economists.
The Federal Statistical Office said there was a “massive slump” for exports and imports of goods and services as well as for household final consumption expenditure and capital formation in machinery and equipment.
The U.S. later on Thursday is expected to report a 35% annualized drop in second-quarter GDP.
The euro EURUSD, -0.40% didn’t move much after the release, which also came as Germany reported the unemployment rate stayed at 6.4% in July.
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