Germany's economy shrinks by 0.3% in 2023
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German Chancellor, Olaf Scholz arrives for the weekly federal government cabinet meeting on Oct. 11, 2023 in Berlin, Germany.
Michele Tantussi | Getty Images News | Getty Images
Europe’s largest economy contracted by 0.3% year-on-year in 2023, the Federal Statistical Office of Germany said Monday.
The decline in economic output eases to 0.1% when adjusted for calendar purposes.
“The overall economic development in Germany stalled in 2023 in the still crisis-ridden environment,” said Ruth Brand, president of the federal statistics office, according to a Google translation.
The manufacturing sector, excluding construction, fell by a sharp 2%, led by lower production in the energy supply sector.
The fourth quarter recorded a similar 0.3% drop compared with the July-September period.
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