German economy surprisingly stagnates in 1st quarter

ANKARA

Germany's economy unexpectedly stagnated with a 0% growth in the first quarter of 2023 compared to the previous three-month period, according to flash data released on Friday.

Economists expected Germany's gross domestic product would grow 0.2% in January-March compared to October-December.

In the fourth quarter of 2022, Germany's economy contracted by 0.5%, revised downwards from 0.4%, the Federal Statistical Office (Destatis) said.

On a yearly basis, however, Europe's largest economy grew 0.2% in the first quarter, according to Destatis data.