Germany suffers winter recession on bleaker first quarter
Inflation and low consumer sentiment are among contributing factors
Germany suffered its first recession since the start of pandemic, extinguishing hopes that Europe’s top economy could escape such a fate amid the war in Ukraine.
First-quarter output shrank 0.3 per cent from the previous three months following a 0.5 per cent drop between October and December, the statistics office said Thursday. Its initial estimate, last month, was for stagnation.
“The reluctance of households to buy was apparent in a variety of areas,” the office ...