Latest data released by Destatis - 15 May 2020
- Prior (Q4) 0.0%
- GDP (non-seasonally adjusted) -1.9% vs -1.6% y/y expected
- Prior +0.3%
- GDP (working day adjusted) -2.3% vs -2.0% y/y expected
- Prior +0.4%
The drop matches the estimate and it just reaffirms the start of the recession in Germany. Q2 economic conditions look set to be much worse amid the full scale lockdown seen in April, with only a gradual recovery expected this month and in June.
