Image source: MARIUSZ PRUSACZYK © 123RF.com
Destatis is scheduled to release its quarterly GDP report on Friday, and according to the consensus forecasts, the German economy is projected to have shrunk by 2.3 per cent over the first fiscal quarter of 2020.
This would mean the largest economy in the Eurozone would have entered into structural recession due to the rampant spread of the coronavirus and the emergency healthcare measures implemented by the EU and the German government.
The quarterly GDP data in Germany was already very fragile even before the COVID-19 crisis, seeing as how the growth rate in the country's Gross Domestic Product stagnated to 0.00 per cent in the last quarter of 2019.
Germany q/q GDP Growth Rate. Image source: TradingEconomics.com
The findings of Friday's report are likely to affect the German stock market negatively. The DAX index has been outperforming most other European stocks, but lagging behind the S&P 500.
Stocks Comparison Chart. Image source: Trendsharks ©, created with TradingView.com
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