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Financial News: German Economy Shrinks In 2023

German Economy Shrinks In 2023

01/15/2024 - 04:47:00 (RTTNews)

(RTTNews) - The German economy contracted in the whole year of 2023, Destatis reported Monday.

Gross domestic product shrank 0.3 percent sequentially, in contrast to the 1.8 percent expansion seen in 2022. This was the first decline since 2020.

"Overall economic development faltered in Germany in 2023 in an environment that continues to be marked by multiple crises", Destatis President Ruth Brand said at the Berlin press conference.

"Despite recent price declines, prices remained high at all stages in the economic process and put a damper on economic growth," said Brand.

On a calendar adjusted basis, GDP shrank 0.1 percent, in contrast to the 1.9 percent expansion in 2022.

According to the information available so far, GDP fell by 0.3 percent in the fourth quarter on the previous quarter after adjustment for price, seasonal and calendar variations. GDP had stagnated in the third quarter.

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