Germany's GDP shrinks by 0.3% in first quarter to put Europe's biggest economy into recession
Berlin, May 25: New figures show the German economy suffered an unexpected dip in the first quarter of this year, putting the country formally into recession.
Data released Thursday by the Federal Statistical Office shows Germany's gross domestic product, or GDP, down by 0.3 per cent in the period from January to March. This follows a drop of 0.5 per cent in Europe's biggest economy during the last quarter of 2022. Two consecutive quarters of decline constitute a technical recession.
The figures are a blow to the German government, which last month boldly doubled its growth forecast for this year after a feared winter energy crunch failed to materialise.
It said GDP will grow by 0.4 per cent up from a 0.2 per cent expansion predicted in late January a forecast that may now need to be revised downward.
Economists said high inflation hit consumer spending, with prices in April 7.2 per cent higher than a year ago.
GDP reflects the total value of goods and services produced in a country. Some experts question whether the figure alone is a useful indicator of economic prosperity given that it doesn't distinguish between types of spending.
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KC Venugopal says government should have acted with “sensitivity” in B’luru demolition drive
Bengaluru: Senior Congress leader and AICC General Secretary K C Venugopal has expressed regret over the manner in which the Karnataka government’s demolition drive in Kogilu village was carried out, saying the action should have been undertaken with greater caution and “compassion,” according to a tweet on Friday.
The demolition operation, led by the Greater Bengaluru Authority (GBA) in Yelahanka’s Kogilu village, razed more than 200 homes and structures in Fakir Colony and Waseem Layout in the early hours of December 20 as part of an anti-encroachment drive. Authorities say the land was illegally occupied and has been earmarked for public infrastructure purposes, including waste management facilities. Residents and activists, however, allege that the action was executed without adequate notice or rehabilitation plans, leaving hundreds of families homeless and sparking protests in parts of the city.
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In his social media post, Venugopal said he had spoken to Siddaramaiah, Chief Minister of Karnataka, and D. K. Shivakumar, Deputy Chief Minister, regarding the demolition. He conveyed the All India Congress Committee’s “serious concern” that the operation should have been conducted with more sensitivity and that the human impact on affected families should have been central to planning.
Venugopal quoted the assurances he received from both leaders that they would “personally engage with the affected families,” establish a mechanism to address grievances, and “ensure rehabilitation and relief” for those impacted by the clearances.
Local residents and advocacy groups had criticised the drive for a lack of prior notice, claiming they were not given adequate time or information to vacate, despite living in the area for many years. Some said they held official identity documents and had invested significant resources in building their homes.
