BERLIN (Sputnik) – German economic output has plunged by 16 percent due to the coronavirus-induced shuttering of businesses across the country, a study by German economic institute Ifo said on Tuesday.
“Economic output in Germany slumped 16 percent during the coronavirus closures. This results in an evaluation of the Ifo surveys in April among around 8,800 companies from almost all industries,” the statement ahead of the study explained.
According to lead Ifo economist Timo Wollmershauser, Germany’s gross domestic product is projected to plummet by 12 percent in the second quarter.
Wollmershauser added that it will take until the end of next year for the German economy to be able to recover.
The grim numbers compound what was already a sluggish economy before the coronavirus pandemic when a World Bank prognosis last year projected Germany to continue a declaration in economic growth.
Germany is among the countries with the highest number of coronavirus infections, counting over 156,000 cases and nearly 6,000 deaths from the disease.