- German final Gross Domestic Product revised down to -0.3% QoQ in Q1
Market news
25 May 2023
German final Gross Domestic Product revised down to -0.3% QoQ in Q1
- German economy tipped into a technical recession in the first quarter of 2023.
- EUR/USD keeps losses near 1.0730 on the downbeat German GDP data.
The German economy entered a technical recession in the first quarter of 2023, according to the final data published by Germany's Destatis confirmed on Thursday.
The euro area’s economic powerhouse contracted by 0.3% in the first quarter of this year. The preliminary figure showed no growth for Germany in the reported period. The market consensus was for a 0% clip.
Germany’s annualized Gross Domestic Product shrank 0.5%, down sharply from -0.1% recorded in the first estimate and missed the market expectation of -0.1% by a wide margin.
Market reaction
The Euro is feeling the pull of gravity on the discouraging German data, with EUR/USD losing 0.14% on the day near monthly lows of 1.0728.
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