Germany is “bound” for a recession as GDP contracts by 0.1 percent in Quarter Three (Q3), an analyst has said.
Justin Lowe, currency analyst at ForexLive, said: “No changes to the initial estimate and this confirms that the German economy is bound for a recession as Q4 growth is also set to contract, albeit perhaps less worse than anticipated in the months before this.”
The Federal Statistical Office (Destatis) also reported that the result published in the first release of 30 October 2023 has therefore been confirmed.
Ruth Brand, president of the Federal Statistical Office said: “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.”
Economic performance was virtually stagnant in the first two quarters of the year (first quarter: 0.0 percent, second quarter: +0.1 percent).
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