Financial News: German Economy Shrank More Than Expected In Q4

German Economy Shrank More Than Expected In Q4

02/24/2023 - 02:35:00 (RTTNews)

(RTTNews) - Germany's economic contraction at the end of 2022 was more severe than estimated initially, latest data from Destatis showed, indicating that the biggest euro area economy significantly lost momentum at the end of last year and added to fears of a looming recession in the currency bloc.

Gross domestic product decreased 0.4 percent quarter-on-quarter, which was a more severe fall than the <a href=https://www.rttnews.com/3340123/german-economy-contracts-in-q4.aspx?refresh=1 target=_blank >0.2 percent estimated initially</a>. In the third quarter, the economy had expanded 0.5 percent.

In the first quarter, GDP grew 0.8 percent and expanded 0.1 percent in the following three months. The latest decline in GDP was the worst since the first quarter of 2021, when the economy shrank 1.5 percent after the Covid pandemic ravaged the economic activity across the world.

The full year growth for 2022 was confirmed at 1.8 percent and on a calendar adjusted basis at 1.9 percent.

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