The gross domestic product (GDP) fell by 0.3% in the first quarter of 2023 on the fourth quarter of 2022 after adjustment for price, seasonal and calendar variations. The Federal Statistical Office (Destatis) reports that economic performance at the start of the year was therefore 0.3 percentage points lower than communicated in the first release of 28 April 2023. “After GDP growth entered negative territory at the end of 2022, the German economy has now recorded two consecutive negative quarters,” says Ruth Brand, President of the Federal Statistical Office. The persistence of high price increases continued to be a ... (full story)