Germany Endures First Recession Since Covid on Consumers
- First-quarter output dropped 0.3%; initial estimate was 0%
- Europe’s biggest economy is facing a challenging outlook
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Germany suffered its first recession since the start of pandemic, extinguishing hopes that Europe’s top economy could escape such a fate after the war in Ukraine sent energy prices soaring.
First-quarter output shrank 0.3% from the previous three months following a 0.5% drop between October and December, the statistics office said Thursday. Its initial estimate, last month, was for stagnation.