German economy slips into recession

BERLIN, May 25 (Xinhua) -- Following a 0.4 percent contraction in the fourth quarter of 2022, Germany's gross domestic product (GDP) declined by a further 0.3 percent in the first quarter of 2023, statistics showed on Thursday, indicating the country's economy already slipped into recession.

A recession is defined as two consecutive quarters of economic contraction.

"The persistence of high price increase