According to reports from the Statistics Office on Thursday, May 25, the German economy has officially entered recession after contracting slightly in the first quarter of this year.
The country’s Gross Domestic Product, GDP, had plummeted by 0.3 percent for the quarter, when the price and calendar effects were adjusted. This recent GDP plunge comes after it had declined to 0.5 percent in 2022.
Additionally, the Statistics Office had revealed that inflation had been hampering the country’s economy at the beginning of 2023 and was revealed in its effect in household consumption which fell to 1.2 percent after, seasonal and calendar adjustments as well as price adjustments were made.
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