Macroeconomic outlook report: Germany 1Q20

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During 1Q20, Germany´s GDP registered a sharp contraction in its y/y growth rate, which stood at -2.30%. This decrease was mainly due to the performance of the internal and external sector, both heavily burdened by the containment measures carried out by the German government to contain the spread of the Covid-19 virus. The German labor market recorded an increase in the unemployment rate with respect to the previous quarter, registering a rate of 3.37%. On the other hand, the y/y growth rate of employment decreased from 0.57% in 4Q19 to 0.31% in 1Q20. Inflation registered a rate of 1.64%, accelerating when compared to the rate registered during 4Q19. Finally, during the first quarter of 2020, the average $/€ exchange rate decreased with respect to 4Q19, down to 1.10 $/€.
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