Germany GDP contracted -10.1% qoq in Q2, worse than expectation of -9.0% qoq. That’s also the largest decline since the beginning of quarterly GDP calculations for Germany in 1970. The contraction was also more than double of that during the financial market and economic crisis back in Q1 2009 (-4.7% qoq).
Also released, Germany unemployment dropped -18k in July, versus expectation of 45k rise. Unemployment was unchanged at 6.4% versus expectation of 6.5%. Italy unemployment jumped to 8.8% in June, up from revised 8.3%, above expectation of 8.5%.
