"Germany Enters Recession, Euro Tumbles"

Germany's economy shrank unexpectedly by 0.3% in the first quarter of 2022, marking the second consecutive quarter of contraction, which is one definition of a recession. The figures are a blow to the German government, which last month doubled its growth forecast for this year. High inflation hit consumer spending, with prices in April 7.2% higher than a year ago. The eurozone economy scraped out meager growth of 0.1% in the first quarter, with inflation eroding people's willingness to spend as their pay fails to keep pace.