GDP Slumps 2.2% in Q1 Amid..............>

GERMAN DATA: GDP Slumps 2.2% in Q1 Amid Coronavirus Crisis

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- FLASH Q1 GDP -2.2% Q/Q SA, -2.3% Y/Y WDA; vs Q4 GDP -0.1% Q/Q, +0.4% Y/Y 

- The German economy declines by 2.2% on a quarterly basis, showing the largest

fall since the financial crisis and the second largest since reunification,

confirming the country now in a technical recession.

- Similarly, annual GDP slumps by 2.3% in Q1, revealing the biggest drop since

2009 

- Q4's quarterly figure has been revised down to -0.1%, leading the German

economy in a technical recession 

- Household consumption fell sharply in Q1 and gross fixed capital formation in

machinery and equipment declined considerably 

- However, rising government consumption and gross fixed capital formation in

construction had a stabilising effect and prevent a larger decline.