Germany, one of the largest economies in Europe, is grappling with a significant economic setback as it officially enters a recession. This downturn has raised concerns both domestically and internationally, as Germany's economic performance has a substantial impact on the broader European Union (EU) and global markets.
The German economy contracted slightly in the first quarter of 2023 compared with the previous three months, thereby entering recession, data from the statistics office showed on Thursday.
Gross domestic product fell by 0.3% for the quarter when adjusted for price and calendar effects, the data showed. This follows a decline of 0.5% in the fourth quarter of 2022. A recession is commonly defined as two successive quarters of contraction.
The statistics office publishes a detailed report outlining the data.