Economic Indicators

German economy enters recession

2023.05.25 02:32


© Reuters. FILE PHOTO: People pass by the Europa-Center shopping mall, amid the coronavirus disease (COVID-19) pandemic in Berlin, Germany, December 14, 2020. REUTERS/Michele Tantussi

BERLIN (Reuters) -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.

A preliminary estimate had shown GDP stagnating in the first quarter and Germany skirting a recession.

Inflation continued to be a burden on the German economy at the start of the year, the statistics office said. This was reflected in household consumption, which was down 1.2% quarter-on-quarter after price, seasonal and calendar adjustments.

By contrast, investment was up in the first three months of the year, following a weak second half of 2022. There were also positive contributions from trade.

The statistics office publishes a detailed report outlining the data.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 76,037.37 1.45%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,915.86 2.28%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 199.72 5.81%
bnb
BNB (BNB) $ 598.58 0.53%
usd-coin
USDC (USDC) $ 1.00 0.01%
xrp
XRP (XRP) $ 0.552329 0.93%
dogecoin
Dogecoin (DOGE) $ 0.197565 1.74%
staked-ether
Lido Staked Ether (STETH) $ 2,910.51 2.16%
cardano
Cardano (ADA) $ 0.426998 14.66%
tron
TRON (TRX) $ 0.160812 0.86%
the-open-network
Toncoin (TON) $ 4.90 0.02%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,449.90 2.18%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 1.56%
avalanche-2
Avalanche (AVAX) $ 27.41 0.51%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,929.34 1.38%
weth
WETH (WETH) $ 2,916.89 2.32%
chainlink
Chainlink (LINK) $ 12.76 2.16%
bitcoin-cash
Bitcoin Cash (BCH) $ 378.17 0.45%
sui
Sui (SUI) $ 2.33 2.27%
polkadot
Polkadot (DOT) $ 4.20 1.21%
leo-token
LEO Token (LEO) $ 6.35 2.58%
usds
USDS (USDS) $ 1.01 0.65%
litecoin
Litecoin (LTC) $ 71.48 0.69%
uniswap
Uniswap (UNI) $ 8.91 2.70%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,066.98 2.34%
near
NEAR Protocol (NEAR) $ 4.21 0.41%
aptos
Aptos (APT) $ 9.75 1.60%
pepe
Pepe (PEPE) $ 0.000011 5.45%
bittensor
Bittensor (TAO) $ 505.85 4.46%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.41 0.51%
internet-computer
Internet Computer (ICP) $ 7.74 2.54%
dai
Dai (DAI) $ 1.00 0.02%
monero
Monero (XMR) $ 164.76 1.41%
stellar
Stellar (XLM) $ 0.101432 3.08%
ethereum-classic
Ethereum Classic (ETC) $ 20.22 0.33%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
kaspa
Kaspa (KAS) $ 0.113169 6.47%
whitebit
WhiteBIT Coin (WBT) $ 19.66 2.13%
aave
Aave (AAVE) $ 180.32 3.19%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.343016 0.41%
crypto-com-chain
Cronos (CRO) $ 0.092375 7.42%
blockstack
Stacks (STX) $ 1.66 2.25%
okb
OKB (OKB) $ 40.22 1.31%
first-digital-usd
First Digital USD (FDUSD) $ 0.999904 0.12%
dogwifcoin
dogwifhat (WIF) $ 2.34 1.39%
arbitrum
Arbitrum (ARB) $ 0.577542 0.31%
mantle
Mantle (MNT) $ 0.661771 7.06%
filecoin
Filecoin (FIL) $ 3.73 0.84%