Statistics released by the Federal Statistical Office in Germany showed that Europe's largest economy contracted by 0.3 percent year-on-year in 2023.
Federal Statistical Office chief Ruth Brand acknowledged that "Germany's overall economic development has stalled in 2023 in an environment that is still reeling from crises."
Germany's economic downturn is sparking large waves of protests and strikes, disrupting the German economy.
The manufacturing sector, excluding construction, fell sharply by 2 percent, led by lower output in the energy supply sector. The fourth quarter recorded a similar decline of 0.3 percent compared to the July-September period.
Source (CNBC Arabia Website, Edited)
