German economy shrank in fourth quarter. Economists are expecting another difficult year in 2024 and a weak start to the year.
Consumers' reluctance to buy, increased building interest rates and the sluggish global economy will have a negative impact on the German economy in 2023. Some economists do not rule out a further decline in gross domestic product in 2024 as a whole. The German economy had to contend with many crises last year. The Federal Statistical Office has now announced that economic output shrank by 0.3 percent in the fourth quarter of 2023 compared to the previous quarter.