The Federal Statistical Office showed on Thursday that Germany’s GDP fell by 0.3 percent, marking the second quarter of contraction for the country.
Franziska Palmas, senior Europe economist said data shows Germany has the worst economic performance among major eurozone countries. “Germany has experienced a technical recession,” Palmas stated, while anticipating further weakness ahead.
Economists usually define a recession as two consecutive quarters of contraction. However, other elements are also factored in while defining a period as one of recession such as unemployment figures.
The International Monetary Fund has anticipated the United Kingdom would be among the worst performing economies among G7 countries. However, Kristalina Georgieva, IMF Managing Director, said on Tuesday it is likely the UK will perform better than Germany.
