Biggest drop in German GDP since 1970

According to the Federal Statistical Office, the shrinking process of German GDP has accelerated over the first quarter 2009. Thus, GDP fell by 3.8% on the fourth quarter 2008 after adjustments for price, season and calendar. This the biggest drop in GDP since its first quarterly calculation in the year 1970. As compared to the first quarter 2008, GDP fell by 6.7% in the first quarter this year (adjusted for price) and by 6.9% in figures adjusted for calendar.

German GDP was adversely affected by the German foreign trade balance, given that exports fell more rapidly than imports as well as by investment which was significantly smaller than that in the previous quarter. Only private and public consumption slightly increased.

German GDP was generated by 39.9 million gainfully employed people in the first quarter 2009 which was an increase by 48,000 people or 0.1% as compared to the first quarter last year. GERMAN

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