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Monthly Report – May 2023
The May 2023 edition of the Monthly Report comments on the economic situation in Germany in spring 2023.
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Gross domestic product: detailed economic performance results for the 1st quarter of 2023 25.05.2023 | Statistisches Bundesamt – Press release No. 203
After the May Monthly Report was finalised, the Federal Statistical Office published the revised GDP figures for the first quarter on 25 May 2023. These figures show that the economy contracted in the first three months of the year by 0.3% on the quarter.
The reported decline in GDP in the final quarter of 2022 and first quarter of 2023 based on the new data was just as large as the Bundesbank’s December forecast had predicted, meaning the intermittent signs that the German economy might have emerged from the winter in better shape than expected have ultimately proven illusory.
Link to the GDP report
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Finanzstabilität und Geldpolitik: Vom langen Zinstief zum neuen Normal
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