German economy shrinks by record 10.1% in Q2 on virus hit

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The German economy shrank by a record 10.1 percent in the second quarter as coronavirus lockdowns took their toll, official data shows, but experts say a recovery is already under way. Federal statistics agency Destatis called the quarter-on-quarter decline in gross domestic product "historic" and far bigger than any slump seen during the 2008-2009 financial crisis. Economy Minister Peter Altmaier had warned earlier this year that the pandemic would push Europe's top economy into "the worst recession" in its postwar history, ending a decade of growth.

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