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German GDP has fallen most sharply in the second quarter since 1970

People wearing protective face masks walk on the main shopping street in the city of Munich during the corona virus crisis on April 30, 2020 in Munich, Germany.

Alexander Hassenstein / Getty Images

According to statistics released Thursday, Germany experienced the worst economic downturn in the second quarter since 1970.

Germany’s gross domestic product fell 10.1% per season quarter-on-quarter, worse than the 9% decline forecast by economists.

The Federal Statistical Office said there was a “massive slump” in exports and imports of goods and services, as well as household final consumption expenditure and capital formation in machinery and equipment.

The US later on Thursday is expected to report an annual GDP decline in the second quarter of 35%.

The euro EURUSD,
did not move much after the release, which was also because Germany reported that the unemployment rate remained at 6.4% in July.