The German and Italian economies contracted more than forecast in the first quarter, slumping the most on record after the global financial crisis crippled exports and investment across Europe.
German gross domestic product plunged a seasonally adjusted 3.8 percent from the fourth quarter, when it fell 2.2 percent, the Federal Statistics Office in Wiesbaden said today. That’s the steepest drop since quarterly data were first compiled in 1970 and compares with the 3 percent decline predicted by economists in a Bloomberg News survey. Italian GDP fell 2.4 percent, the most since records began in 1980, and France’s economy shrank 1.2 percent.
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