German Economy

Germany's economy shrank by 0.2 per cent in the fourth quarter compared with the previous three-month period, official figures showed Monday. The performance by Europe's biggest economy was worse than expected. Gross domestic product shrank for the first time since the first quarter of 2021 largely because of a decline in consumer spending, which had supported the economy in the first nine months of 2022, the Federal Statistical Office said. The drop followed GDP growth of 0.5 per cent in the third quarter and 0.1 per cent in the second quarter. The statistics office said in mid-January, before it had full December economic data, that the economy appeared to have stagnated in the fourth quarter. Monday's announcement prompted it to revise last year's full-year growth figure down to 1.8 per cent from the 1.9 per cent it initially reported. Germany's annual inflation rate rolled back from a peak of 10.4 per cent in October to 8.6 per cent in December, but galloping prices remain a ma

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The German government's panel of independent economic advisers forecast Wednesday that Europe's biggest economy will shrink by 0.2% next year. The five-member panel's report came after official figures late last month showed unexpected growth in the third quarter, thanks to private spending. But a weak winter, with gross domestic product declining in the last months of the year and in the first three months of next year, is still widely expected. Two consecutive quarters of negative growth is one technical definition of recession, but the 19-country euro area has a body that also uses a broader set of data including employment numbers and depth of the economic decline to determine when a recession occurs. The advisers' forecast of 1.7% growth this year and a decline of 0.2% in 2023 contrasts with a forecast at the end of March that German GDP would expand by 1.8% this year and 3.6% next year. It's still more optimistic than a forecast by the government itself a month ago, which ...

The German economy grew in the third quarter, an unexpectedly positive performance powered largely by private spending, official figures showed Friday. But the immediate outlook for Europe's biggest economy remained gloomy, with inflation rising again in October. Gross domestic product expanded by 0.3% in the July-September period compared with the previous quarter, the Federal Statistical Office said. That followed a slight increase of 0.1% in the second quarter. The German economy managed to hold its ground despite difficult framework conditions of the global economy, with the continuing COVID-19 pandemic, supply chain interruptions, rising prices and the war in Ukraine, the statistics office said. The government said earlier this month that GDP was believed to have shrunk in the third quarter and was expected to decline again in the last three months of the year as well as the first three months of 2023 before beginning to recover. Two consecutive quarters of negative growth i

The German economy grew in the third quarter, an unexpectedly positive performance powered largely by private spending, official figures showed on Friday. Gross domestic product in Europe's biggest economy expanded by 0.3 per cent in the July-September period compared with the previous quarter, the Federal Statistical Office said. That followed a slight increase of 0.1 per cent in the second quarter. The German economy managed to hold its ground despite difficult framework conditions of the global economy, with the continuing COVID-19 pandemic, supply chain interruptions, rising prices and the war in Ukraine, the statistics office said. The government said earlier this month that GDP was believed to have shrunk in the third quarter and was expected to decline again in the last three months of the year as well as the first three months of 2023 before beginning to recover. Two consecutive quarters of negative growth is one technical definition of recession. With energy prices high,

In an intensified crisis scenario, Germany's real gross domestic product (GDP) would decline by just under two per cent in the current year compared with 2021, according to the report

Imports increased 4.5% on the month, compared with an average forecast for a 1.4% increase

Consumers are once again showing some optimism at the beginning of the year with improved economic and income expectations.

Industry has been hit by supply shortages of microchips and other components, while rising coronavirus cases are clouding the outlook for retailers.

The ifo Institute, a research institution based in Munich, has lowered its 2022 economic growth forecast for Germany from the previous forecast of 5.1 to 3.7 per cent in 2022.

Inflation in Germany continued to rise and climbed from 4.5 per cent in October to 5.2 per cent in November, the highest rate registered in the country since June 1992

The group is considering partnerships and consolidation or a stand-alone scenario for its marine systems division.

Scholz's center-left Social Democrats said they will present their agreement with the Greens and the pro-business Free Democrats on Wednesday

Factories churned out fewer capital goods and consumer goods, with the slump particularly deep in vehicle production

The German economy contracted at its steepest rate on record in the second quarter and the government is desperate to mitigate the effects of the pandemic as much as possible

The economic slump was much stronger than during the financial crisis more than a decade ago

"Corona has caused unprecedented economic damage. It is an economic catastrophe of exceptional proportions," said Peter Hein van Mulligen, chief economist at the Dutch statistics office

To cushion some of the blow, Berlin has passed a rescue package totalling 1.1 trillion euros

Germany in mid March closed schools, shops, restaurants, playgrounds and sports facilities and many companies have stopped production to help slow the spread of the disease.

Germany and the eurozone also face the possibility of disrupted trade with Britain, which left the EU on January 31