Germany's gross domestic product (GDP) adjusted for price, season and calendar saw a decrease of 0.1% in the third quarter of 2023 versus the previous trimester, according to a final report published by the Federal Statistical Office Destatis on Friday. The figure matched its preliminary estimate.
"After the weak economic development seen in the first half of 2023, the German economy began the second half of the year with a slight drop in performance," President of the Federal Statistical Office Ruth Brand noted. Final consumption expenditure rose by 0.2% compared to the second trimester, total exports were down 0.8% quarter-on-quarter, while imports fell 1.3%. Investments in equipment increased by 1.1%.
On an annual basis, Europe's largest economy contracted by 0.8% on a price-adjusted basis compared to the same quarter in 2022. Adjusted for price and calendar, the German GDP was down 0.4% year on year.
