The German economy shrank in the first quarter of 2023 compared with the previous three months, and it entered recession according to data from the statistics office.
Gross domestic product fell by 0.3% according to a second estimate. This was after a 0.5% decline in the fourth quarter of 2022. Two successive quarters of contraction can be considered recession. This was unavoidable and now it remains to be seen if there will be any recovery in the second half of the year.