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Published 3 months ago

Germany’s Economy Shrank Last Year for First Time Since Pandemic

  • Germany's economy contracted by 0.3% in 2023, influenced by persistent inflation, high energy prices, and weak foreign demand.
  • The German economy avoided a recession at the end of the year, although it shrank by 0.3% in the fourth quarter.
  • Despite the decline in economic performance, the construction sector saw modest growth of 0.2%, and net external demand had a positive impact on GDP.
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