Coronavirus leads to record drop in German GDP

On Thursday, official data released for the April-June quarter showed that the German economy shrank by a record 10.1 percent due to the COVID-19 induced lockdown. President Donald Trump, whose opinion poll numbers have tanked as he struggles to manage the pandemic, economic crisis and protests over racial injustice three months before the November 3 election, said on Wednesday he was in no hurry. "Financial markets have priced in a vigorous recovery".

Stable infection rates saw it reopen factories, shops and restaurants from early May, allowing economic activity to pick up again.

The sharp decline in second-quarter GDP is expected, yet it will be historic nonetheless.

Both exports and imports of goods and services collapsed in the second quarter, as did household spending and investment in equipment, the office said.

The rebound in activity will largely be captured in the third-quarter figures, which won't be released until October 29, just days before Election Day.

Crucial lifelines in the pandemic, like the extra $600 in weekly unemployment benefits, are expiring at a time when the economic recovery is showing signs of teetering. "I fear there could be more stumbling blocks to come".

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Prices for domestic purchases, a key inflation indicator, fell 1.5% for the period, compared to a 1.4% increase in the first quarter when GDP fell 5%, The personal consumption expenditures price index dropped 1.9% after rising a tepid 1.3% in Q1. Major retailers, including JC Penney and Neiman Marcus, have filed for bankruptcy.

Business investment was down 27 percent, while exports fell 64.1 percent. The pandemic has also crushed oil prices, leading to deep cuts in shale oil production and layoffs.

The housing market was not spared, with spending on homebuilding tumbling at 38.7 per cent rate. President Donald Trump, whose opinion poll numbers have tanked as he struggles to manage the pandemic, economic crisis and protests over racial injustice three months before the November 3 election, said on Wednesday he was in no hurry.

The figures lay bare the extent of the economic devastation that resulted from the government-ordered shutdowns and stay-at-home orders created to slow the spread of the novel coronavirus that abruptly brought a halt to the longest-running expansion.

"Imports, which are a subtraction in the calculation of GDP, decreased".