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.
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.Before sunrise, the residential buildings and office towers of the banking metropolis in Frankfurt are reflected in the quietly flowing Main River.The German economy entered a technical recession in the first quarter of this year, as households tightened spending.
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. According to the statistics office, German households spent a lot less in the first quarter, with final consumption expenditure falling 1.2% over that period, as consumers were reluctant to spend their cash on clothing, furnishing, cars and so on.
He added that it is unlikely that the German GDP will continue to fall in the coming quarters, "but we see no strong recovery either."
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