Germany’s official data showed that the economy shrank by 0.3 percent in the first three months of 2023, leading to a recession earlier in the year.
Data released by the federal statistics agency Destatis showed that the reported numbers are worse than previous estimates that had expected zero growth as the economy contracted 0.5% in the fourth quarter of 2022 compared to the third quarter, raising new concerns. technical recession, This is a recession that occurs when a contraction is registered for two consecutive quarters.
The International Monetary Fund predicted a recession in Germany and also predicted a 0.1% contraction in GDP in 2023, while other eurozone economies were expecting growth.
Source: AFP.