German economy in recession after high prices take toll, revised figures reveal

Credit: PXFuel

Germany has entered a recession, revised official figures have revealed, after high prices took a bigger toll on the country’s economy than originally estimated.

Data from the Federal Statistical Office showed Europe’s largest economy contracted by 0.3% in the first quarter of 2023, compared with the previous three months, when it shrank by 0.5%. The technical definition of a recession is two consecutive quarters of contraction.

A previous estimate suggested Germany had narrowly avoided recession with 0% growth in the first quarter.