Germany Q4 GDP Down 0.4% Last Year "Consumption Declines Due to Soaring Prices"
Germany's economy contracted more sharply than expected in the fourth quarter of last year.
On the 24th (local time), the Federal Statistical Office of Germany announced that Germany's fourth-quarter gross domestic product (GDP) shrank by 0.4% compared to the previous quarter.
This contraction was larger than the earlier estimate by the Statistical Office, which had projected a decline of only -0.2% for the fourth quarter.
The larger contraction was due to a sharp drop in private consumption caused by soaring prices.
Private consumption in the fourth quarter decreased by 1.0% compared to the previous quarter.
Earlier, the Bundesbank had forecast that Germany's economy would contract slightly again in the first quarter of this year, entering a recession.
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The German government expects the economy to grow by 0.2% this year.
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