OUR German economy contracted slightly in the first quarter of 2023 compared to the previous three months and thus entered a technical recessionshow the data announced today by the statistical office.
The data showed GDP fell 0.3 percent for the quarter. This follows a 0.5% decline recorded in the fourth quarter of 2022. A recession is defined as a fall in GDP for two consecutive quarters.
According to preliminary estimates, GDP in the first quarter will remain at the same level, and in Germany to avoid a recession.
OUR inflation The statistical office said it continued to put pressure on the German economy at the beginning of the year. This was reflected in household consumption, which decreased by 1.2% compared to the previous quarter.
In contrast, investment increased during the first three months of the year after a weak second half of 2022. Trade has also made a positive contribution.
According to APE-MPE, AFP and Reuters.
Source: Kathimerini
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