Germany falls into recession

0.3% drop in GDP

Germany has entered recession as revised figures show the GDP of Europe’s largest economy dropped 0.3% in the first quarter of the year.

While initial figures from April revealed Germany had stagnated with 0% growth in Q1, new revisions confirmed the drop in GDP. Coupled with the country's GDP declining by 0.5% in Q4 2022, it has now met the definition of a technical recession, with two consecutive quarters of negative growth. The revised numbers revealed the drop had been fuelled by household spending, which fell 1.2% in the quarter, while government spending declined 4.9%. IMF: UK expected to avoid recession in 2023 "The persistence of high price increases continued to be a burden on the German economy at t...