german economy decreased in the first quarter of the year by 0.3%, according to the final data Federal Department of Statistics (Destatis)so he entered recession technique.
These figures correct preliminary data previously released by the agency that indicated stagnation. Gross domestic product (GDP) as a recession was avoided after a 0.5% drop recorded in the last quarter of 2022.
The final result was lower than analysts’ expectations, in line with the period breakdown. In addition, a Reuters poll of analysts expected first-quarter GDP to remain unchanged on a quarterly basis.
In a previous assessment, the statistical institute estimated the change in GDP for the quarter at 0.0%.
In turn, compared to the same quarter of the previous year, the German economy contracted by 0.2% in the first quarter after an initial estimate of 0.2%.
With this in mind, the euro started this Thursday with a fall after confirming that Europe’s largest economy is in recession.
Growing signs of economic downturn in Europe, for their part, they brought down Euro before dollar. The last sign of weakness came from Germany, where the economy contracted slightly in the first quarter, so it went into recession after negative growth in the fourth quarter of 2022.
(According to EFE and Reuters)
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
