April 29, 2020 / 11:48 AM / a month ago

German economy to shrink by 10% in second quarter - DIW

FILE PHOTO: A traveler is seen at the airport in Frankfurt, Germany, April 2, 2020, as the spread of the coronavirus disease (COVID-19) continues. REUTERS/Kai Pfaffenbach

BERLIN (Reuters) - The German economy will contract by more than 6% this year, the DIW economic institute said on Wednesday, adding that the recession prompted by the coronavirus pandemic would be deeper than during the 2008 financial crisis.

DIW said Europe’s biggest economy likely contracted by 2% in the first quarter and will shrink by 10% in the April-June period as large sectors of the economy were brought to a standstill by the outbreak.

Reporting by Riham Alkoussa; Writing by Joseph Nasr; Editing by Michael Nienaber

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