Coronavirus hit on German economy bigger than expected in first quarter By Reuters

© Reuters. FILE PHOTO: General view of the “Grosse Bergstrasse” road throughout a lockdown in Hamburg, Germany May 11, 2021. REUTERS/Fabian Bimmer

BERLIN (Reuters) – The German economy shrank by a bigger than expected 1.8% on the quarter in the first three months of the 12 months as coronavirus curbs crushed non-public consumption in Europe’s largest economy, knowledge confirmed on Tuesday.

On the 12 months, gross home product contracted by 3.1%, the Federal Statistics Office stated.

A Reuters ballot had pointed to a first-quarter contraction of 1.7% on the quarter and three.0% on the 12 months in seasonally adjusted phrases.

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