[HIGHLIGHTS] US GDP grows 1.3% in first quarter, above expectations

The German economy fell 0.3% in the first quarter. The first estimate was revised upwards, indicating a +1.1%.

German GDP in surprise decline Germany is in recession (ANSA). The US economy grew by 1.3%, above analysts' expectations and above the first GDP estimate of 1.1% growth. The German statistical office Destatis has thus revised downwards the first estimate, which indicated zero growth. High inflation continues to depress consumption in Germany. Spending on food, clothing and new cars has been affected, a sector affected by the reduction in incentives for electric vehicles.