Germany enters recession

The latest reading for Germany's national income in the first quarter of the year was revised down to a 0.3 percent contraction. Thus, the country entered recession for the second time by contracting on a quarterly basis. Germany, the driving force of the European economy, entered recession. The latest reading for Germany's GDP data for the first quarter of 2023 was revised down to a 0.3 percent contraction. The previous reading stated that there was no change in GDP in the country's economy. The country's economy entered recession with a quarterly contraction of 0.3 percent recorded in the first quarter. The German economy had contracted by 0.5 percent on a quarterly basis in the last quarter of 2022.