After contracting within the first quarter of 2023, the German financial system has formally entered a recession, in keeping with knowledge from the nation’s statistics workplace.
A recession is often recognized when there’s a decline in gross home product (GDP) in two successive quarters. Within the case of Germany, the nation’s GDP would have fell of 0.3% for the quarter, after a decline of 0.5% within the fourth quarter of 2022.
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