At the end of 2022, economic output fell by 0.5% compared to the previous quarter, the latest data showed. German gross domestic product (GDP) stagnated in the first quarter of 2023 compared to the previous quarter, the Federal Statistical Office announced in a first estimate on Friday, meaning Europe’s largest economy narrowly missed falling into recession. If the gross domestic product falls for two quarters in a row, economists speak of a so-called technical recession. Thanks mainly to the mild winter, however, the worst-feared scenarios did not materialize – such as a gas shortage that would have left deep marks. Is European largest economy slowly moving to recession ?
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