German Slump Drags Down Eurozone

A "disastrous" contraction in the Germany economy of 3.8 per cent in the first months of this year, equivalent to more than 15 per cent on an annualised basis, has dragged the eurozone into a deep recession. German GDP is down 6.9 per cent on this time last year; the 16-nation eurozone 4.6 per cent lower.

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