The German economy contracted for the first time in three years in 2023 as a toxic mix of persistently high inflation, rising interest rates and the weak global demand pushed activity into a recessionary phase. Gross domestic product shrank 0.3 percent sequentially, in contrast to the 1.8 percent expansion seen in 2022, the statistical office Destatis reported Monday. This was the first decline since 2020.
On a calendar adjusted basis, GDP shrank 0.1 percent, in contrast to the 1.9 percent expansion in 2022.
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April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.