German Economy Sees 0.3% Contraction in 2023, Federal Statistics Office Confirms

In a recent preliminary report, Germany's Federal Statistical Office, Destatis, disclosed that the country's price-adjusted Gross Domestic Product (GDP) contracted by 0.3% in 2023. This figure aligns with prior economic forecasts. When adjusted for calendar effects, the GDP decline stands at 0.1%. Despite this contraction, the report highlights that the 2023 GDP levels are 0.7% higher compared to those recorded in 2019, the year preceding the COVID-19 pandemic.