The Federal statistics office of Germany published its macroeconomic figures and the largest European economy shrank by 2.2 percent in comparison with the last quarter of 2019.
According to the Office the gross domestic product adjusted for price, seasonal and calendar effects fell by 2.2 percent in the first quarter compared with the fourth quarter of 2019.
This minus 2.2 percent was by far the sharpest decline since the global financial and economic crisis of 2008/2009 and the second largest decline since German unification
By this Germany is going officially into recession.
Similar EUROSTAT published a quarterly decline in GDP of the EU by 3.3 percent which is the biggest cut since 1995, when Eurostat started to publish quarterly reports.
Also this quarter for the first time since 2013 the number of employed people in the EU and Eurozone decreased by 0.2 percent.
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