Germany’s production base in Europe contracted by 2.2 percent in the first quarter of 2020 due to the corona virus.
While industrial production in the country fell 11.6 percent in March, there was a historical loss, while Germany experienced an economic contraction for the first time after the 4.7 percent contraction in the first quarter of 2009.
Germany still performed better than the other major economic powers of the continent. In the first quarter, the 19-year Eurozone economy contracted by 3.8 percent while the French economy contracted by 5.8 percent, the Spanish economy by 5.2 percent and the Italian economy by 4.7 percent.
According to the news in the Financial Times; According to an estimate by Deutsche Bank, the German economy could contract by 14 percent between April and June. The country’s treasure also alarms. 81.5 billion euros less tax than the tax revenues collected in 2019 is expected to be collected in 2020.
