Germany's Scholz says outlook good, brushing off recession worries

Chancellor Olaf Scholz said on Thursday Germany's economic outlook was "very good", brushing off concerns about Europe's largest economy after official data showed it entered a recession in early 2023.

Asked about the data in a news conference, the chancellor underscored measures his government was taking, such as initiatives to attract foreign workers and expand renewable energy production, to boost the economy.

Earlier on Thursday, data from the statistics office showed that gross domestic product fell by 0.3% in the first quarter of the year when adjusted for price and calendar effects, after dropping 0.5% in the fourth quarter of 2022.