Germany's economy experienced a contraction in the final quarter of 2023, narrowly avoiding a recession. The decline can be attributed to low global demand and high inflation, which have continued to impact the country's economic performance.

Preliminary data from Germany's statistics office reveals that the country's gross domestic product (GDP) decreased by 0.3% from October to December, after adjusting for price, seasonal, and calendar variations. This follows a period of stagnant growth in the third quarter, which was initially reported as a decline of 0.1%. As such, the economy managed to escape a technical recession, defined as two consecutive quarters of declining GDP.

This fourth-quarter decline aligns with previous estimations made by Destatis in January when full-year GDP figures were released. The data illustrated a contraction of 0.1% in 2023 for Europe's largest economy, primarily due to soaring inflation and restrictive financing conditions.

Looking ahead, Germany's central bank, the Bundesbank, projects a gradual recovery for the economy in 2024. They anticipate a modest expansion of 0.4% throughout the year. GDP data for the entire eurozone for the final three months of 2023 will be published at 1000 GMT.

Speedy Hire Expects Full-Year Profits to Miss Expectations

Metro Warns of Higher Costs in Fiscal 2024

Leave A Reply

Your email address will not be published. Required fields are marked *

Related posts

Used Car Prices Soar as Odometer Tampering Increases
News

Used Car Prices Soar as Odometer Tampering Increases

Used car prices have surged due to an increase in odometer tampering. Carfax's report reveals the extent of the issue an...

Taiwan Semiconductor Manufacturing Shows Strong Performance in September Quarter
News

Taiwan Semiconductor Manufacturing Shows Strong Performance in September Quarter

Taiwan Semiconductor Manufacturing (TSM) has reported strong sales figures for September quarter, surpassing analyst exp...

Statement from Hawaii Gov. Josh Green
News

Statement from Hawaii Gov. Josh Green

Hawaii Gov. Josh Green calls for a moratorium on land transactions in the Lahaina area to protect residents and prevent...

Apple's China Problem Persists
News

Apple's China Problem Persists

Apple is facing ongoing challenges in the Chinese market, as a disappointing forecast for the holiday season has once ag...