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Coronavirus causes record plunge in Germany's GDP during second quarter of 2020

Germany's economic output made a historic decline in the second quarter of 2020.

It dropped by 10.1% compared to the previous quarter and by 11.7% compared to the same quarter from 2019, the Federal Statistical Office Destatis said on Wednesday.

This is the largest fall since the beginning of quarterly GDP calculations by Germany in 1970, with GDP falling by 4.7% during the first quarter of the 2009 financial crisis.

In a press release, the organisation said that a "massive slump was recorded for exports and imports of goods and services as well as for household final consumption expenditure and capital formation in machinery and equipment".

A Dailyrater-commissioned poll recently found that 64% of Germans believe that the "worst is yet to come" with respect to the economic damage caused by the COVID-19 pandemic.

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