US EditionGermany’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.
101 Articles
101 Articles
The largest European economy has grown by only 0.7% since 2019, running the risk of dropping out, at the same time as it needs to accelerate its transformation.
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Europe's biggest economy shrank last year as Germany struggles with multiple crises
Germany's economy shrank 0.3% last year as Europe's former powerhouse struggled with more expensive energy, higher interest rates, lack of skilled labor and a homegrown budget crisis. Europe's largest economy has been mired in stagnation since the last months of 2022 amid those multiple challenges. The International Monetary Fund expected…
Germany is on track to enter a two-year recession for the first time in 20 years after its economy contracted in 2023 amid rising energy prices and weaker industrial demand, The Guardian reports.
German economy shrank in 2023 amid high energy costs, export woes
The German economy shrank slightly in 2023, official data showed Monday, as costly energy, high interest rates and cooling foreign demand took their toll on Europe's export giant. Output contracted by 0.3 per cent year-on-year, federal statistics agency Destatis said in preliminary figures. "Overall economic development faltered in Germany in 2023 in an environment that continues to be marked by multiple crises," the agency's Ruth Brand told a
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