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German Q1 output shrinks by 1.7% as lockdown dampens consumption | Reuters

The German economy contracted by a greater than expected 1.7% in the first quarter as a lockdown in place since November to contain the coronavirus stifled private consumption in Europe’s largest economy, data showed on Friday.

“The coronavirus crisis caused another decline in economic performance at the beginning of 2021,” the Federal Statistics Office said. “This affected household consumption in particular, while exports of goods supported the economy.” A Reuters poll had pointed to a first-quarter contraction of 1.5%. (Reporting by Joseph Nasr, editing by Thomas Escritt)

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