Germany’s gross domestic product, the largest economy in the eurozone, recorded a decline of 0.3% in the first quarter of this year, according to figures from the Federal Bureau of Statistics Destatis, to enter a stage of technical recession after a decline of 0.5% in the fourth quarter of last year.
In the details, the household consumption expenditure index decreased by 1.2% in the first quarter, while the industrial sector rose by 3.2% on an annual basis.
The euro is trading on a decline this morning at 1.0722 levels against the US dollar, its lowest level in two months, affected by these numbers, and the rises of the US dollar to its highest levels of 104.