German economy shrinks in final quarter of 2023
Europe's biggest economy has continued to shrink amid crises, inflation and lacking investment. Economists have warned the outlook for 2024 does not look much better. A reduced demand for German exports, especially in China, has taken its toll on the national economy Germany's gross domestic product (GDP) fell by 0.3% in the last quarter of 2023, the Federal Statistical Office (Destatis) reported on Tuesday, confirming their previous estimates. Facing high inflation, high interest rates, a low demand for German exports and a series of strikes, Europe's largest economy saw its GDP also fall 0.3% for the entire year of 2023, according to the preliminary government data. Germany is also expected to face a rough 2024, with economists predicting further shrinking in the first quarter of this year. "The German economy has not grown for almost two years and there is no turnaround in sight," Sebastian Dullien from the IMK Institute told Reuter...