The German economy fell by 0.3 percent in the first quarter of this year after entering into negative territory at the end of 2022, according to the Federal Statistical Office.

Germany’s economic performance at the start of the year was 0.3 percentage points lower than communicated in the first release of 28 April 2023, it said in a press release.

After the gross domestic product (GDP) growth entered negative territory at the end of 2022, the German economy has now recorded two consecutive negative quarters, it added.

This negative development is mainly due to the surging inflation rate triggered by the high prices of food, beverages, garments, household and services, it pointed out.

Source: Kuwait News Agency