Germany's economy shrank by 0.3% in 2023, latest data shows
Figures released by the federal statistics agency show that Germany's gross domestic product (GDP) dipped in 2023. But Germany managed to avoid a technical recession after third quarter figures were revised. The construction industry in Germany faced an uphill battle last year Germany's economy shrank by 0.3% in 2023, the federal statistics agency Destatis said on Monday. The announcement comes after months of persistent inflation as well as sluggish demand both locally and globally. "Overall economic development faltered in Germany in 2023 in an environment that continues to be marked by multiple crises," Destatis head Ruth Brand said in Berlin. Some sectors that have struggled include the automotive industry and the construction industry. Germany avoids recession after figures revised In preliminary figures, Destatis also calculated that Germany saw a 0.3% drop in gross domestic product (GDP) in the forth quarter of 2023. However, Germany avoided fallin...