German Economy Contracts Again, Confirming Recession Fears
• Germany's economy shrank 0.1% in Q3 2022, confirming initial estimates • Weak performance follows economic contractions in 1H 2022 • Private consumer spending fell 0.3% from previous quarter • Government spending rose 0.2%, first increase in over a year • Bundesbank forecasts additional economic decline in Q4 before slight improvement in early 2023