Germany’s Economy Contracts in 2023
Europe’s largest economy contracted by 0.3% year-on-year in 2023, according to the Federal Statistical Office of Germany.
When adjusted for calendar purposes, the decline in economic output eases to 0.1%.
Ruth Brand, president of the federal statistics office, stated that “the overall economic development in Germany stalled in 2023 in the still crisis-ridden environment,” as quoted by a Google translation.
The manufacturing sector, excluding construction, experienced a sharp 2% decline, primarily driven by lower production in the energy supply sector.
Similarly, the fourth quarter saw a 0.3% drop compared to the July-September period.
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