FLGR - Germany Q1 final GDP contracted by 0.3% plunges German economy into a recession

May, 25 2023 02:24 AM Franklin FTSE Germany

2023-05-25 02:24:09 ET

Germany's economy contracted by 0.3% during the first quarter of 2023, as revised from the initial estimate of no growth.
This revised figure indicated a second consecutive quarter of economic decline, plunging Europe's largest economy into a recession, due to persistent high price increases and a surge in borrowing costs.
Government spending also saw a significant decline of 4.9%, while fixed investment showed a strong rebound of 3.0%, driven by construction and machinery & equipment.
Finally, net exports contributed 0.7 percentage points to the GDP as exports increased and imports decreased.
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Germany's economy contracted by 0.3% during the first quarter of 2023, as revised from the initial estimate of no growth.