Posted on 08/25/2020 6:14:03 PM PDT by Olog-hai
The German economy, Europe’s largest, contracted by a record 9.7% in the second quarter as consumer spending, company investments and exports saw a steep decline due to the coronavirus pandemic.
Although the contraction was the worst on record, it was still less than what economists initially anticipated, after the Federal Statistical Office (Destatis) revised the quarter-on-quarter contraction in gross domestic product down from the 10.1% it initially reported at the end of July.
The economic slump was much stronger than during the 2007-08 financial crisis which saw a 4.7% decline in the first quarter of 2009, and it represented the sharpest decline since Germany began to record quarterly GDP calculations in 1970, the office said.
Consumer spending shrank by 10.9% in the quarter, capital investments by 19.6% and exports by 20.3%, according to official data. Construction activity, normally a consistent growth driver for the German economy, fell by 4.2%.
Meanwhile, stimulus measures designed to support consumers and businesses through the worst of the crisis resulted in the state spending €51.6 billion ($61 billion) more than it took in during the first half of 2020, Destatis said. …
(Excerpt) Read more at dw.com ...
Perhaps it would help if they invaded France.
Maybe the Russians will let them pay for their natural gas on the installment plan.
Time to speed up the withdrawal of U.S. troops from Germany.
Gee, that’s a real shame.
#TrumpsFault
#BRexitsFault
#TimeToRaiseTaxesOnTheLocalAndInviteMoreUnskilledJihadists
“Perhaps it would help if they invaded France“
The unfortunate thing is that a terrible war will likely happen as a result of the China virus .
The worlds economy can’t just stop/ suddenly slow on a dime without a negative reaction.
The coming war would likely involve China , but anything could happen.
The famous saying “Better to reign in Hell than serve in Heaven” comes from a monologue delivered by the character of Satan in Book I, lines 242 through 270 of the epic poem Paradise Lost, written in blank verse by the English poet John Milton (lived 1608 – 1674) and originally published in 1667. This saying in particular comes from line 263.
Note how the media is reporting the actual number for Germany, 9.7 percent, in one three month quarter. When the number was reported for the US, the media here reported it as if it were an annual rate, multiplying the number by four just so it would look a lot bigger. In a normal recession that’s somewhat justified, since the number historically changes much more slowly than now. However, from a recession caused by a short term government mandated shutdown, it’s totally a lie.
It makes it less costly for them to pay their 2% nato dues
What it showed was that the authoritarian nations wielded more power via the UN than the world in general was led to believe; there was no other way that this could have been coordinated worldwide as it has been, but burgeoning tyrants had no problem with this since it increased their power.
There was a reason Trump got us out of WHO. The rest of the UN must necessarily follow, and it has to be damaged to the degree that it cannot do any more harm.
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