German economy nears stagnation in Q1 with coronavirus outbreak

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BERLIN, Feb 26 (Reuters)Germany’s economy is nearing stagnation in the first quarter due to the coronavirus outbreak, the DIW economic institute said on Wednesday, adding that German industry would be particularly hit if the virus continued to spread worldwide.

DIW said Germany’s gross domestic product in the first quarter would grow by just 0.1% compared to the previous quarter.

“So far, however, the corona effect has been unclear and cannot be quantified,” DIW Economic Director Claus Michelsen said in a statement.

He said German industry would be particularly affected if a global outbreak of the virus led to supply disruption for wholesale products sourced from China.

(Reporting by Riham Alkousaa Editing by Madeline Chambers)

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