The German economy posted its largest decline in output since the financial crisis in the first quarter and entered a recession due to the coronavirus pandemic and the lockdown implemented in mid-March, the German statistics office Destatis said Monday, confirming a preliminary estimate. As previously reported, gross domestic product--the broadest measure of goods and services produced in an economy--contracted 2.2% in the first quarter compared with the previous quarter. GDP fell 2.3% on year in the first quarter on a calendar and price-adjusted basis, Destatis said, confirming the first estimate. This is the second ... (full story)