The German economy entered a technical recession in the first quarter of this year, after posting a contraction of 0.3% over the three-month period. Key Points Data from the German statistics office on Thursday showed a downward revision to GDP from zero to -0.3% for the first three months of the year. Germany also recorded a 0.5% contraction in the last quarter of 2022.
Before sunrise, the residential buildings and office towers of the banking metropolis in Frankfurt are reflected in the quietly flowing Main River. Picture Alliance | Picture Alliance | Getty Images The German economy entered a technical recession in the first quarter of this year, as households tightened spending.
Data from the German statistics office on Thursday showed a downward revision to GDP (gross domestic product) from zero to -0.3% for the first three months of the year. This comes after Germany recorded a 0.5% contraction in the last quarter of 2022. Two consecutive quarters of negative growth define a technical recession. headtopics.com
Europe’s largest economy has been under significant pressure, particularly in the wake of Russia’s invasion of Ukraine and the subsequent decision of European leaders to cut ties with Moscow.
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