3 hours ago
Berlin: As the German economy struggles to recover from the repercussions of the emerging Corona virus pandemic, experts expect that economic data due to be released later today, Friday, will reveal the contraction of the country’s gross domestic product during the first quarter of the year.
Experts expect the Federal Statistical Office in Germany to announce the contraction of the largest economy in Europe by up to 1.5 percent during the first three months of this year in light of the strict lockdown measures aimed at containing the pandemic.
The German economy recorded modest growth during the fourth quarter of last year, by 0.3 percent.
The economy is expected to contract by more than three percent compared to the first quarter of last year, when the emerging coronavirus crisis swept the global economy.
The data that will be released today is expected to highlight the main role that the manufacturing and export sector plays in helping the German economy out of the crisis and laying the foundations for a strong recovery during the second half of the year.