Germany’s gross domestic product (GDP) went down by 0.3 per cent in 2023 in comparison to the previous year, the German Federal Statistical Office announced on Monday.
The office’s press release stated that “after adjustment for calendar effects, the decline in economic performance amounted to 0.1 per cent.”
“Overall economic development faltered in Germany in 2023 in an environment that continues to be marked by multiple crises,” said president of the office, Ruth Brand, at the Berlin press conference on Germany’s 2023 GDP.
Brand also said that the recent price declines did not manage to keep prices low at all stages in the economic process, but they did put a “damper on economic growth.”
“Unfavourable financing conditions due to rising interest rates and weaker domestic and foreign demand also took their toll. Therefore, the German economy did not continue its recovery from the sharp economic slump experienced in the pandemic year of 2020,” she added.
