RTTNews - The German economy contracted 3.8% on a sequential basis in the first quarter, which was the fourth straight quarter of decline and biggest fall since records began in 1970, the Federal Statistical Office said in a detailed report on Tuesday. In the fourth quarter of 2008, the gross domestic product had slipped 2.2%.

Compared with the first quarter of 2008, GDP decreased a price-adjusted 6.7% in the first quarter of 2009, much larger than the 1.7% drop seen in the fourth quarter. When calendar-adjusted, the economic performance went down 6.9%.

The statistical office, thus confirmed the initial estimate released on May 15.

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