According to a Friday economy ministry assessment, Germany will narrowly avoid recession and increase in the first quarter.
“A technical recession of two negative quarters in a row appears to have been averted,” the ministry stated.
It stated that 2023 GDP predictions foresee a small year-over-year growth. However, leading economic institutions predict 0.3% German economic growth for 2023.
The study claimed industrial and construction activity grew in the first quarter due to eased material bottlenecks, energy prices falling, and favorable weather.
Consumer sentiment is expected to rise in the next months, while inflation-related purchasing power losses continue to hurt the economy.
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