The German economy has contracted by 0.2% year-on-year in the first quarter of 2023, official figures showed on Thursday.
According to the federal statistical office Destatis, the country’s gross domestic product has also declined by 0.3% on a quarterly basis. With this figure, the country’s economy posted two consecutive declines in the last quarter of 2022 and the first quarter of 2023.
Destatis said households spent less on food, beverages, clothing, and furnishing during this January-March period.—AA
