Germany on track for two-year recession as economy shrinks in 2023

‘Multiple crises’ contributed to 0.3% fall in GDP, says national statistics office

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Germany is on track for its first two-year recession since the early 2000s after its economy shrank in 2023 amid the impact of higher energy costs and weaker industrial demand.

The German national statistics office said “multiple crises” affecting the economy had contributed to a 0.3% fall in gross domestic product (GDP) in 2023 from the previous year as higher interest rates and elevated living costs took their toll.