Germany falls into recession as energy price shock hampers consumer spending. The largest European economy saw a 0.3% drop in output in Q1 2023, following a 0.5% contraction at the end of 2022. The Federal Statistical Office revised its GDP estimate downward, citing the persistence of high price increases. Household consumption expenditure was particularly affected, declining by 1.2% in Q1. According to Claus Vistesen of Pantheon Macroeconomics, consumer spending was constrained by the shock in energy prices.
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