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Germany is already officially in a technological recession: the economy has finished two quarters without growth



The German economy failed to grow in both the last quarter of 2022 and the first quarter of this year. With this, the technological recession is already evident.

German economy contracted by 0.3% in the first quarter of this year according to final data released today by the Federal Statistical Office (Destatis): officially entered a technological recession By adding two consecutive negative quarters.

The last quarter (end of 2022) was down 0.5%.

Destatis president Ruth Bland confirmed that “we have again recorded a negative quarter after the recession that was reflected at the end of 2022.”

The contraction of GDP occurred as follows. Effects of Declining Consumption Due to Inflation , itself began to subside after reaching a maximum peak of over 10% in October. In April, it was 7.2% compared to the same month last year.

but, Positive stimulus from exports and investment In addition to the recovery in the construction and industrial machinery sector, Production of machinery, household appliances and automobiles.

Exports as a whole therefore increased by 0.4% in this first quarter compared to the last quarter of 2022.

On the other hand, imports fell by 0.9%. detailed data from Destatis highlights declines in fuels, minerals and chemicals.

DW As a profession Active workers increased, reaching 45.6 million This equates to an annual population increase of 446,000, or a percentage increase of 1.0%.

German media stressed that “this will maintain the rate of employment growth”.

Source: Biobiochile

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