RTTNews - Germany's gross domestic product, or GDP, fell 3.8% quarter-on-quarter in the first three months of the year after falling revised 2.2% in the fourth quarter of 2008. Meanwhile, economists had forecast a 3% fall. The biggest Eurozone economy contracted for the fourth straight quarter, with the first quarter marking the biggest quarterly fall since records began in 1970.

On an annual basis, the economy contracted 6.9% after adjusting for working days, while it was expected to shrink 6%. On the other hand, the price adjusted GDP dropped 6.7% following a revised 1.7% contraction in the previous quarter.

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