German economy entered recession in early 2023 as inflation hurt consumers


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Open this photo in gallery: People walk past a store in Berlin, on Oct. 11, 2022.Michael Sohn/The Associated Press The German economy was in recession in early 2023 after households spending in Europe’s economic engine finally succumbed to the pressure of high inflation. Gross domestic product fell by 0.3 per cent in the first quarter of the year when adjusted for price and calendar effects, a second estimate from the statistics office showed on Thursday. This follows a decline of 0.5 per cent in the fourth quarter of 2022. A recession is commonly defined as two successive quarters of contraction....