Figures released by the federal statistics agency show that Germany's gross domestic product (GDP) dipped in 2023 compared to 2022. The agency said a number of crises continue to affect the economy.
Germany's economy shrank by 0.3% in 2023, the federal statistics agency Destatis said on Monday.
The announcement comes after months of persistent inflation and sluggish growth.
"Overall economic development faltered in Germany in 2023 in an environment that continues to be marked by multiple crises," Destatis head Ruth Brand said in Berlin.
Some sectors that have struggled include the automotive industry and the construction industry.
The International Monetary Fund (IMF) previously predicted that Germany would be the only major world economy to record a decline for 2023.
Source: Dw
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