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In annual terms, the fall in GDP adjusted for the number of working days was 2.3%.
The results coincided with both pre-announced indicators and analysts' expectations.
Despite the fact that the novel coronavirus did not have a significant impact on the economy in January-February, the economic consequences of the pandemic became quite noticeable in the first quarter, said Destatis.
Consumer expenses decreased by 3.2% in quarterly terms, business investment in equipment - by 6.9%. Government spending and investment in the construction sector had a stabilizing effect on the economy and prevented an even more significant drop in GDP.
The country's foreign trade during the reporting period also declined. According to preliminary data, exports decreased by 3.1% compared with the fourth quarter of last year, imports - by 1.6%.
source: destatis.de
The results coincided with both pre-announced indicators and analysts' expectations.
Despite the fact that the novel coronavirus did not have a significant impact on the economy in January-February, the economic consequences of the pandemic became quite noticeable in the first quarter, said Destatis.
Consumer expenses decreased by 3.2% in quarterly terms, business investment in equipment - by 6.9%. Government spending and investment in the construction sector had a stabilizing effect on the economy and prevented an even more significant drop in GDP.
The country's foreign trade during the reporting period also declined. According to preliminary data, exports decreased by 3.1% compared with the fourth quarter of last year, imports - by 1.6%.
source: destatis.de
