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Germany enters recession after economy contracts in first quarter
German Chancellor Olaf Scholz speaks with journalists as he arrives for celebrations of the European Central Bank ECB to mark its 25th anniversary at the ECB headquarters in Frankfurt am Main, western Germany on May 24, 2023. AFP PHOTO
BERLIN, May 24 (Reuters) - The German economy contracted in the first quarter of 2023 compared with the previous three months, thereby entering a recession, data from the statistics office showed on Thursday.
A second estimate showed that gross domestic product fell by 0.3 percent for the quarter when adjusted for price and calendar effects. This follows a decline of 0.5 percent in the fourth quarter of 2022. A recession is commonly defined as two successive quarters of contraction.
