German economy goes into recession as GDP shrinks by 0.3% in Q1
Germany's economy has contracted by 0.3% in Q1 compared to the previous quarter, entering a recession, says the German statistics office. The decline follows -0.5% in Q4 2022, meeting the definition of two successive quarters of contraction demanded by a recession. Weak consumer spend due to inflation are blamed for the slump, alongside reduced government spending.
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