Output in Europe’s largest economy dropped 0.3% in the first three months of the year, following a 0.5% contraction at the end of 2022, official data showed Thursday. The Federal Statistical Office downgraded its previous estimate of zero growth in gross domestic product compared with the previous quarter. A recession is defined as two consecutive quarters of declining output.
” In a sign that Germany’s recession may prove short-lived, timelier survey data showed earlier this week that business activity in the country expanded again in May, despite a sharp downturn in manufacturing. German Chancellor Olaf Scholz described the outlook for the economy as “very good,” pointing to measures his government has taken in recent months to expand renewable energy production and attract foreign workers.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meta sells Giphy at a significant loss after UK breakup order | CNN BusinessStock-photo website Shutterstock on Tuesday said it will acquire Giphy and its online repository of animated images for $53 million, after UK antitrust regulators forced Meta to spin off the company last year.
Source: cnni - 🏆 326. / 59 Read more »
Why retail theft is soaring: inflation, the economy -- and opportunity | CNN BusinessRetailers large and small say they’re struggling to contain an escalation in store crimes — petty shoplifting to organized sprees of large-scale theft that clear entire shelves of products.
Source: CNN - 🏆 4. / 95 Read more »
How the technology behind ChatGPT could make mind-reading a reality | CNN BusinessOn a recent Sunday morning, I found myself in a pair of ill-fitting scrubs, lying flat on my back in the claustrophobic confines of an fMRI machine at a research facility in Austin, Texas. “The things I do for television,” I thought.
Source: cnni - 🏆 326. / 59 Read more »
Amazon corporate workers plan walkout next week over return-to-office policies | CNN BusinessSome Amazon corporate workers have announced plans to walk off the job next week over frustrations with the company’s return-to-work policies, among other issues, in a sign of heightened tensions inside the e-commerce giant after multiple rounds of layoffs.
Source: cnni - 🏆 326. / 59 Read more »
Target removing some LGBTQ merchandise following customer backlash | CNN BusinessTarget, which rolled out its Pride Collection at the start of May, is pulling some products from its stores after facing customer backlash, saying it was acting to protect employee safety, the company told Reuters on Tuesday.
Source: CNN - 🏆 4. / 95 Read more »