Inflation pushes Germany into recession with Europe’s largest economy shrinking in first few months of year
INFLATION pushed Germany into recession in the first three months of the year.
Europe The world’s largest economy shrank 0.3% from January to March – after shrinking 0.5% in the last three months of 2022.
The country’s inflation rate stood at 7.2% in April, higher than the eurozone average but lower than the UK’s 8.7%.
Germany severely affected when Russian gas supply is exhausted after Invasion of Ukraineanalysts said.
Friedrich Merz, leader of the opposition CDU party, thinks the news will wake the German chancellor Olaf Scholz.
And Andreas Scheuerle, an analyst at DekaBank, said: “Consumers have given up, accepting economy with him.”