Press release No. 291 of 5 August 2020
WIESBADEN – The development of the German economy has abruptly slowed owing to the coronavirus pandemic which has also significantly affected the labour market. This is shown by the Crisis Monitor of the Federal Statistical Office (Destatis) which provides a comparison of the gross domestic product (GDP), the number of persons in employment and other short-term indicators between the two recent crises. As reported earlier, the GDP was down 10.1%, a two-digit decline, in the second quarter of 2020 in price, seasonally and calendar adjusted terms on the previous quarter (after -2.0% in the first quarter of 2020). An unusually strong decline on the first quarter of 2020 (-1.4%) was also recorded in the seasonally adjusted number of persons in employment in Germany (after 0.0% in the first quarter of 2020).
