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German GDP fell by 2.2% in Q1 (-1.9% yoy). Q2 will be much worse, according to economists at Deutsche Bank.

Key quotes

“In Q1 2020, German real GDP fell by 2.2 % qoq (rev. 19Q4: -0.1%). Q4 was revised lower from 0.0% qoq to -0.1%. So Germany is officially in recession, based on the 2 consecutive quarter rule.”

“We expect that GDP will slump by 14% in Q2, before recovering by about 5% qoq in Q3. German GDP is likely to slump by 9% in 2020.”