BUSINESS

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BUSINESS

Germany falls into recession

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Entering recessionary period

Germany's GDP fell 0.3% in the first quarter of 2023, marking the country's entry into a recession due to two consecutive quarters of decline.

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Wrong estimates

Germany's GDP is down 0.5% YoY. Earlier estimates had predicted the country narrowly escaping recession with a stagnated economy.

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Inflation

The country has been struggling with inflation for a while. As a result, household consumption fell 1.2% QoQ. Government spending has also declined significantly.

4

Reason

The Russia-Ukraine crisis has been hard on Germany. The dwindling Russian energy supply has resulted in increased food and energy prices.

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Positives

There were some positives for Germany in the first quarter. Investments and exports increased, while imports fell by 0.9%.