German economy to shrink by 10% in second quarter - DIW

The German economy will contract by more than 6% this year, the DIW economic institute said on Wednesday, adding that the recession prompted by the coronavirus pandemic would be deeper than during the 2008 financial crisis.

DIW said Europe's biggest economy likely contracted by 2% in the first quarter and will shrink by 10% in the April-June period as large sectors of the economy were brought to a standstill by the outbreak.