Germany’s GDP decreased slightly in the third quarter – Kommersant

In the third quarter of 2023, German GDP decreased by 0.1%. “After weak performance in the first half of the year, the German economy started the second half with a slight contraction,” Ruth Brand, head of the German Federal Statistical Office (Destatis), said in a statement. On an annualized basis, GDP decreased by 0.8%.

This year, Germany remains one of the weakest economies among developed countries. The reasons for this were rising energy prices, high interest rates and weak export performance. Thus, in the third quarter, exports fell by 0.8%, imports by 1.3%. Due to persistent inflation, household final consumption, which accounts for about two-thirds of GDP, was 0.3% lower than in the second.

Inflation in October amounted to 3.8% year on year, interest rates continue to rise. The number of jobs in July-September grew by 337 thousand, or 0.7%, and the number of workers in the country reached a record 46 million. Gross wages and salaries rose 7.3% year on year.

Read about how the ECB’s fight against rising prices has reduced the size of the euro zone economy in the Kommersant article. “GDP fell along with inflation”.

Alena Miklashevskaya