Germany's economy shrank by 0.2% in the fourth quarter compared with the previous three-month period, official figures showed Monday.
FILE -- Cars and containers are pictured at the 'duisport logport' logistics center at the river Rhine in Duisburg, Germany, Friday, Oct. 28, 2022. Official figures show that Germany’s economy shrank by 0.2% in the fourth quarter compared with the previous three-month period. The performance by Europe’s biggest economy was worse than expected.
BERLIN — Germany’s economy shrank by 0.2% in the fourth quarter compared with the previous three-month period, official figures showed Monday. The performance by Europe’s biggest economy was worse than expected. Gross domestic product shrank for the first time since the first quarter of 2021 largely because of a decline in consumer spending, which had supported the economy in the first nine months of 2022, the Federal Statistical Office said. The drop followed GDP growth of 0.5% in the third quarter and 0.1% in the second quarter.
The statistics office said in mid-January, before it had full December economic data, that the economy appeared to have stagnated in the fourth quarter. Monday’s announcement prompted it to revise last year’s full-year growth figure down to 1.8% from the 1.9% it initially reported. In the fourth quarter, “surging inflation weighed on consumers’ real purchasing power and concerns abounded about aADVERTISEMENT
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