The German economy has entered a technical recession following two consecutive quarters of negative growth, CNBC reports.
Germany recorded a GDP (Gross Domestic Product) of -0.3% in the first quarter of 2023 and -0.5% in the last quarter of 2022.
The German statistics office found that households spent a lot less in the first quarter, as consumers were reluctant to spend their money.
The German economy was also under significant pressure from the energy price shock following Russia’s invasion.
