German Gross Domestic Product (destatis.de)German Gross Domestic Product (destatis.de)

The German gross domestic product (GDP) decreased by 0.3% in the fourth quarter of 2023 compared to the previous quarter, destatis said Tuesday.

The overall economic performance in 2023 also decreased by 0.3%. The decline was mainly driven by lower investments in buildings and equipment. The adjusted GDP decreased by 0.4% compared to the same quarter of the previous year. The Statistisches Bundesamt confirms its initial estimate from January 15, 2024.

On a year-on-year basis, the economy contracted by 0.2% in the fourth quarter, entering a technical recession for the first time since 2020-21.

By Silvia Orfeo

Silvia Orfeo is a Sr. Politics and Economics Reporter at Nobot.News

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