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How Germany is already in a technical recession

Germany used to be known as the engine of Europe. One which often dragged other smaller economies upwards. But the engine is in need of service these days. The economy is set to shrink this year and is already in a technical recession. Much of that lies in the mounting costs for 1 million Ukrainian refugees as well as the weakness of one of its export markets in Asia notably China. But some of the reasons are deeper and structural because Ireland exports €24 billion to Germany, it matters to us. With more on this, Joe was joined by Derek Scally the Germany Correspondent for the Irish Times.

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05.45 15 Aug 2023


How Germany is already in a technical recession



Share this article

05.45 15 Aug 2023


Germany used to be known as the engine of Europe. One which often dragged other smaller economies upwards. But the engine is in need of service these days.

The economy is set to shrink this year and is already in a technical recession. Much of that lies in the mounting costs for 1 million Ukrainian refugees as well as the weakness of one of its export markets in Asia notably China. But some of the reasons are deeper and structural because Ireland exports €24 billion to Germany, it matters to us.

With more on this, Joe was joined by Derek Scally the Germany Correspondent for the Irish Times.


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