Germany's gross domestic product (GDP) adjusted for price, season and calendar declined by 0.3% in the fourth quarter of 2023 compared to the previous three-month period, the country's Federal Statistical Office Destatis said in a preliminary estimate on Tuesday. Adjusted for the price, the GDP fell by 0.4% on an annual basis.
According to the report, "after the German economy roughly stagnated in the first three quarters, economic output declined in the fourth quarter of 2023. In particular, price, seasonally and calendar-adjusted investments in buildings and equipment were significantly lower than in the previous quarter."
After price and calendar adjustment, gross domestic product decreased by 0.2% compared with similar quarter a year earlier. The document also saw the economic output going down by 0.3% in 2023.
