Germany falls into recession as inflation, higher interest rates curb demand

Source: France 24 [French state media]

“Germany fell into a recession around the turn of the year, official figures published Thursday showed, as inflation and higher interest rates curbed demand in Europe’s largest economy. Over the first three months of 2023, the economy shrank by 0.3 percent, the federal statistics agency Destatis said, downgrading an initial estimate of zero percent. Following a 0.5-percent contraction in the last three months of 2022, it was Germany’s second consecutive quarter of negative growth — the threshold for a ‘technical recession.'” (05/25/23)