German economy enters recession, shrinks 0.3% in 1st quarter


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The German economy contracted slightly in the first quarter of 2023, data from the statistics office shows.Germany's economy shrunk slightly in the first quarter of 2023 compared with the previous three months, thereby entering a technical recession, data showed on Thursday. A preliminary estimate had shown gross domestic product (GPD) stagnating at zero growth in the first quarter — meaning Germany would have narrowly escaped a recession.