Germany: The decline in GDP confirmed in Q3

Published on Nov 24, 2023 at 8:27 a.m.

November 24 (Reuters) – The German economy contracted in the third quarter, the Federal Statistical Office confirmed on Friday in a detailed estimate.

Germany’s gross domestic product (GDP) lost 0.1% in the period compared to the previous quarter on a seasonally adjusted basis, in line with the first estimate and expectations.

Year-on-year, GDP contracted by 0.4%, compared to -0.3% in the first estimate and -0.3% expected by the consensus.

“After the weak economic growth in the first half of 2023, the German economy started the second half of the year with a slight decline in performance,” underlines Ruth Brand, president of the statistics office.

Household consumption spending, which accounts for about two-thirds of gross domestic product, fell 0.3% from the previous quarter, while public sector consumption spending rose 0.2%, the first increase for more than a year, according to the Federal Statistical Office. (Written by Miranda Murray, French version Corentin Chappron)

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