German economy performed below expectations as it fell by 0.2% due to low consumer spending in Q4

Posted on February 3, 2023   |  

In Q4, Germany's economy shrank by 0.2% compared with the previous 3-month period, which is worse than expected from Europe's biggest economy.

Since Q1 2021, the gross domestic product shrank for the first time due to a decline in consumer spending, which supported the economy in the first nine months of 2022.

The economy stagnated in the fourth quarter but Monday's announcement prompted it to revise last year's full-year growth figure down to 1.8% from 1.9%.