German Gross Domestic Product arrives at 0% QoQ in Q1 vs. 0.2% expected

• German economy skirted a technical recession in the first quarter of 2023                   .
• EUR/USD keeps losses near 1.1000 on the downbeat German GDP data.

The German economy showed no growth on a quarterly basis in the first quarter of 2023, according to the preliminary data published by Germany's Destatis on Friday. The market consensus was for a 0.2% clip. Euro area’s economic powerhouse contracted by 0.4% in the fourth quarter of last year.

Germany’s annualized Gross Domestic Product shrank 0.1%, down sharply from 0.9% recorded in the final quarter of 2022, and missed the market expectation of 0.3%.