US and German economies suffer largest quarterly contraction in decades

Financial crisis

The US and German economies recorded their worst quarterly performance in decades in the second quarter of the year due to the Covid-19 pandemic.

Real US GDP declined at an annual rate of 32.9% between April and June, the Bureau of Economic Analysis reported today (July 30). In the first quarter the annual rate of decrease was 5% of real GDP.

“Today’s US GDP release confirmed that the Covid-19 crisis brought about the fastest decline in US activity since the Great Depression, but to markets

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