25 May 2023 at 08:11 German economy is in recession Germany’s gross domestic product fell in the first quarter by 0.3 per cent, according to the country’s central statistical office. The final figure from the German statistics agency Destatis is worse than first thought. It was previously predicted that the economy would remain stable. In the fourth quarter of last year, the decline was 0.5 per cent, and Europe’s largest economy is thus in recession. A recession occurs when there is an economic decline for two quarters in a row. Germany, like many other European countries, has experienced strong inflation in the past year, but price growth is now on the way down. In April, inflation was 7.2 per cent, while it was 7.4 per cent the month before. The peak was reached in October last year, when inflation was 8.8 per cent. The authorities estimated last month that the country’s economy will grow by 0.4 per cent this year, while the forecast in January was for 0.2 per cent growth.
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