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ANKARA
The gross domestic product (GDP) in Germany shrank 0.3% in the fourth quarter of last year compared with the third quarter, in line with the initial estimates, according to a second reading released on Friday.
The figure followed an upwardly revised 0% quarter-on-quarter growth in the three months to September, escaping recession, Destatis data showed.
“In the final quarter, declining investment had a dampening effect on economic activity, while consumption increased slightly,” said Ruth Brand, president of Destatis.
On an annual basis, the GDP in Germany dropped 0.2% in the fourth quarter of 2023.
For the whole year of 2023, Germany’s economy contracted 0.3% from the previous year, as initially estimated.
