The German economy contracted by a record 9.7% in the second quarter of this year

This happened because consumer spending, company investments and exports collapsed in the midst of the COVID-19 pandemic.

This economic downturn was much more severe than during the financial crisis more than a decade ago. Consumer spending fell by 10.9 percent in the quarter, capital investment by 19.6 percent and exports by 20.3 percent.

Construction activity, which is usually a permanent driver of growth in the German economy, fell by 4.2%.