German output contracted 0.3 per cent last year as high inflation, rising interest rates and elevated energy costs made Europe’s largest economy one of the weakest performers in the world, according to an initial estimate released on Monday.
The decline of the German economy in 2023 compounds what has been a gloomy start to the year for the country, which has been hit by nationwide train strikes over working hours and disruptive protests by farmers against cuts to fuel subsidies.
“Overall economic development faltered in Germany in 2023 in an environment that continues to be marked by multiple crises,” said Ruth Brand, president of the statistics office.
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