Germany entered a technical recession in the first quarter, after its economy fell by 0.3% after having already done so by 0.5% at the end of last year. The European locomotive has registered the worst performance among the large economies of the euro weighed down by the consumption of families and the State in a context of strong inflation and in which the European Central Bank (ECB) has once again insisted that it has the focus on price control and that it will continue to raise rates to control them.
The Federal Statistical Office (Destatis) has revised downwards this Thursday the advance of the data that it had published only a few weeks ago and which pointed to a stagnation of activity. Its evolution in the first three months of the year contrasts with that of Spain or Italy, which grew by 0.5%, and with that of France, which grew by 0.2%. The set of economies that make up the euro area advanced by 0.1% in the same period, while the European Union of Twenty-seven did so by 3%. The fact that inflation remained at 7.4% in March (in April it barely eased to 7.2%) weighed on household consumption which, according to Destatis, fell by 1.2%.