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COVID-19 DRAGS GERMANY INTO RECESSION

GERMAN ECONOMY

German economy enters recession, with the Federal statistics office, Destatis saying it is the worst quarterly contraction since the financial crisis in 2009.

According to the Destatis, the area used for cultivating winter wheat, which is the main type of grain grown in Germany, has declined by 7% in 2020 on a year earlier.

Official data on Friday showed that output shrank by 2.2 percent in the first quarter of 2020, with international trade and travel in the export-reliant country also not spared.

The only growth drivers in the first three months of the year are state consumption and the construction industry.