Berlin The Federal Statistical Office said on Thursday that the gross domestic product (GDP) shrank by 0.3 percent in the first quarter compared to the previous quarter. As a result, Germany’s economy slipped into a technical recession. Handelsblatt editor Julian Olk explains in the current podcast episode the reasons that led to this.
“We are actually not in the classic time for a recession, but we have been waiting for years for real growth to come,” says Olk. Ultimately, the industry was hit harder by the crisis than we had hoped. Above all, incoming orders from abroad have fallen sharply. And so the industry could not compensate for the decline in private consumption. For the year as a whole, Germany could still avoid a recession. Because in the current quarter there are first indicators of slight growth. But one thing must be clear to us: “The fat years are over.”
Also: According to its own assessment, Deutsche Bank violated competition rules in trading in British government bonds. Handelsblatt editor Andreas Kröner explains why the institute should still be able to avoid a fine – and which banks could also have been involved.
More: Deutsche Bank admits to illegal collusion in bond trading
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