- The German economy enters a technical recession in the first quarter of 2023.
- EUR/USD holds losses near 1.0730 after downbeat German GDP data.
The German economy entered a technical recession in the first quarter of 2023according to the final data published by the German agency Destatis have confirmed on Thursday.
The economic power of the euro zone contracted -0.3% in the first quarter of this year. Preliminary data showed no growth for Germany in the reporting period. The market consensus was 0%.
Germany’s annualized Gross Domestic Product contracted -0.5%, versus -0.1% in the first estimateand widely exceeded market expectations, which expected -0.1%.
Market reaction
The common currency is feeling the pull of gravity following disappointing German data, with EUR/USD shedding 0.14% on the day, nearing monthly lows of 1.0728.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
