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Research Institutes See German GDP Falling 9.8% in Q2

Published 04/08/2020, 04:07 AM
Updated 04/08/2020, 04:12 AM
© Reuters.

© Reuters.

By Geoffrey Smith 

Investing.com -- Germany's economy will shrink by nearly 10% in the second quarter due to the coronavirus pandemic, after already contracting 1.9% in the first three months of the year, according to a new report by the country's leading research institutes. 

The institutes expect a rebound in the second half of the year but still forecast GDP to fall 4.2% over 2020 as a whole. They predict a rebound of 5.8% in 2021.

Germany's economy is thought by some to be better positioned with regard to the virus, in as much as it relies more on manufacturing. By contrast, the virus has taken its biggest toll on service sectors of the economy, such as travel and leisure.

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