German economic output shrank by 0.3 percent in 2023, while other major economies are growing. These are the reasons and this is how it continues now.
2023 was a bad year for the German economy. The gross domestic product (GDP) fell by 0.3 percent, the Federal Statistical Office reported on Monday. This is the second decline in a short period of time after the severe Corona slump in 2020. Such an accumulation of recessions rarely occurs. The prospects for this year are cautious. Economic researchers are predicting only a small recovery.