Data on Friday showed that the German economy slowed in the first quarter, as higher exports and capital investment offset a decline in government and household consumption.<\/p>\n\n\n\n
The Federal Statistics Office said the gross domestic product was unchanged on a quarterly basis. Analysts polled by Reuters had expected growth of 0.2 percent.<\/p>\n\n\n\n
The German economy contracted by an adjusted rate of 0.5 percent in the last quarter of 2022 compared to the third quarter, which caused renewed fears of a technical recession, which is a recession that occurs when two consecutive quarters of contraction are recorded.<\/p>\n\n\n\n
The International Monetary Fund predicted a recession in Germany and also predicted a 0.1 percent GDP contraction in 2023, while other economies in the euro zone expected growth.<\/p>\n\n\n\n
The German government described the International Monetary Fund’s forecasts as “very cautious” and predicted that the euro zone’s largest economies would escape recession by a narrow margin.<\/p>\n\n\n\n
The German government raised its forecast for economic growth for this year to 0.4 percent from 0.2 percent forecast earlier, according to its spring economic forecast released on Wednesday.<\/p>\n\n\n\n
“A gradual recovery is taking place despite the continuing difficult environment,” German Economy Minister Robert Habeck said. An acceleration in growth is expected after the first quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"
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