2020.08.2506:23:00UTC+00Germany's GDP Falls Less Than Initially Estimated In Q2

Germany's economy contracted less than initially estimated in the second quarter but the pace of decline was the biggest on record amid coronavirus pandemic, revised quarterly national accounts from Destatis showed Tuesday.

Gross domestic product fell 9.7 percent sequentially after shrinking 2 percent in the first quarter. The rate was revised down from -10.1 percent estimated on July 30.

Nonetheless, the quarterly decline was much larger than during the financial and economic crisis of 2008/2009 and the sharpest since quarterly GDP calculations started in 1970.

On a yearly basis, GDP declined by a calendar-adjusted 11.3 percent in the second quarter versus the 2.2 percent fall posted in the first quarter and the initial estimate of -11.7 percent.

Price-adjusted GDP also declined 11.3 percent in the second quarter, revised from -11.7 percent.

The expenditure-side breakdown showed that household spending slid 10.9 percent, while government spending grew 1.5 percent.

Gross fixed capital formation was down 7.9 percent. Exports and imports fell 20.3 percent and 16 percent, respectively.