Germany enters technical recession as Q1 GDP revised lower

The German economy entered a technical recession in the first quarter of this year, as households tightened spending, according to official data released on Thursday.

GDP was revised downwards to -0.3% for the first three months of the year from an initial reading of zero.

Europe’s biggest economy recorded a 0.5% contraction in the last quarter of 2022. Two consecutive quarters of negative growth mark a technical recession.

Reporting by Frank Prenesti for Sharecast.com