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German Q1 GDP slumps

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German Q1 GDP slumps

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A record slump in exports and investment caused Germany’s economy to shrink in the first quarter at its fastest pace since reunification in 1990.

The Federal Statistics Office says gross domestic product shrank 3.8 percent from the previous quarter and was down by 6.7 percent year-on-year. However, a separate report showed consumer spending was robust during that period.