Growth in the EU’s powerhouse has continued to slow amid persistent economic headwinds The German economy shrank by 0.3% year-on-year in 2023 after being hit by high inflation, soaring energy prices, and weak foreign demand, the Federal Statistical Office has reported. The decline in economic output eases to 0.1% when adjusted for calendar purposes, according to a press release issued on Monday. Preliminary estimates show that GDP fell 0.3% between October and December, but an upward revision to the third quarter meant Germany avoided a second straight quarter of contraction, typically defined by economists as a
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