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https://www.reuters.com/markets/europe/germany-enters-recession-2023-05-25/
BERLIN, May 25 (Reuters) - The German economy was in recession in early 2023 after household spending in Europe's economic engine finally succumbed to the pressure of high inflation.
Gross domestic product fell by 0.3% in the first quarter of the year when adjusted for price and calendar effects, a second estimate from the statistics office showed on Thursday. This follows a decline of 0.5% in the fourth quarter of 2022. A recession is commonly defined as two successive quarters of contraction…
Robert Habeck, Germany's economy minister, said his nation's previous high dependency on Russia for energy supply led to the recession but the growth forecasts were much bleaker.
"We're fighting our way out of this crisis," Habeck said at an event in Berlin on Thursday.
"Under the weight of immense inflation, the German consumer has fallen to his knees, dragging the entire economy down with him," said Andreas Scheuerle, an analyst at DekaBank.
As usual, they blame Germany’s “high dependency on Russia for energy supply,” when in fact they deliberately cut themselves off from Russia’s cheap energy. It is their own policy of sanctions—their own decision—that has led to this recession. They still buy Russian oil, of course, but now they have to purchase it from India after India buys oil from Russia. That benefits India, but it raises the price of oil in Germany and is the main cause of this "immense inflation."
At the same time, Germany has decided to shut down all of its nuclear power plants. Russia and India thank them for their business. Russia now sells more oil than it was selling prior to the Ukraine war. I don’t hear of any Russian banks failing, but virtually all of the western banks are in serious trouble.
Keep in mind that a recession is official only after the economy goes into negative growth for 2 quarters in a row. That means Germany has been in recession for six months already. They have just now made it official.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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