Post by sevenofnine on May 25, 2023 10:27:36 GMT -5
This is breaking news wait till we default on our debt
Inflation has taken a heavy toll on the German economy, with consumers spending less on items such as food and clothing. To make matters worse, the outlook for the rest of the year isn't looking much brighter.
Germany's economy shrunk slightly in the first quarter of 2023 compared with the previous three months, thereby entering a technical recession, data showed on Thursday.
A preliminary estimate had shown gross domestic product (GPD) stagnating at zero growth in the first quarter — meaning Germany would have narrowly escaped a recession. But recession fears were spurred again after data published earlier this month showed that German industrial production fell more than expected in March, hurt by a weak performance by the key automotive sector.
"It took a couple of statistical revisions, but at the end of the day, the German economy actually did this winter what we had feared already since last summer," ING economist Carsten Brzeski said in a note to clients. "The warm winter weather, a rebound in industrial activity, helped by the Chinese reopening and an easing of supply chain frictions were not enough to get the economy out of the recessionary danger zone."
What did the data s
www.dw.com/en/german-economy-enters-recession-amid-worsening-outlook/a-65728794
Inflation has taken a heavy toll on the German economy, with consumers spending less on items such as food and clothing. To make matters worse, the outlook for the rest of the year isn't looking much brighter.
Germany's economy shrunk slightly in the first quarter of 2023 compared with the previous three months, thereby entering a technical recession, data showed on Thursday.
A preliminary estimate had shown gross domestic product (GPD) stagnating at zero growth in the first quarter — meaning Germany would have narrowly escaped a recession. But recession fears were spurred again after data published earlier this month showed that German industrial production fell more than expected in March, hurt by a weak performance by the key automotive sector.
"It took a couple of statistical revisions, but at the end of the day, the German economy actually did this winter what we had feared already since last summer," ING economist Carsten Brzeski said in a note to clients. "The warm winter weather, a rebound in industrial activity, helped by the Chinese reopening and an easing of supply chain frictions were not enough to get the economy out of the recessionary danger zone."
What did the data s
www.dw.com/en/german-economy-enters-recession-amid-worsening-outlook/a-65728794
!!
