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Financial News: German GDP Shrinks As Expected

German GDP Shrinks As Expected

01/30/2024 - 04:20:00 (RTTNews)

(RTTNews) - The German economy contracted as expected in the fourth quarter, data published by Destatis showed on Tuesday.

Gross domestic product dropped 0.3 percent in the fourth quarter after stagnating in the previous two quarters. The rate came in line with expectations.

There was a marked decline in gross fixed capital formation in construction and in machinery and equipment, said Destatis. Detailed results for the fourth quarter will be released on February 23.

On a yearly basis, GDP was down price-adjusted 0.4 percent, which was slower than the 0.7 percent drop in the third quarter. Calendar-adjusted GDP slid 0.2 percent following a 0.3 percent fall in the prior quarter.

The statistical office confirmed that GDP fell 0.3 percent in 2023.

"The best way to describe the state of the German economy is probably that it is in a shallow recession," ING economist Carsten Brzeski said.

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