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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by Renju Jaya
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