Germany's economy shrank by 0.2% quarter-on-quarter in the three months ending in December, according to preliminary data released by Germany's statistics office Destatis. This marks a significant slowdown compared to the previous quarter's 0.1% growth. The German government has downgraded its economic growth forecast for the year to 0.3%, reflecting the challenging economic outlook. Robert Habeck, economy and climate minister, described the situation as 'serious,' citing both internal and global political uncertainty as contributing factors.
The German economy shrank by 0.2% quarter-on-quarter in the three months ending in December, according to preliminary data released by Germany's statistics office Destatis on Thursday.of Germany's GDP based on data available at the time, showed GDP dipped by 0.1% when adjusted for price, seasonal and calendar variations in the three months to the end of December.Thursday's figures compare to a 0.1% rise of the country's GDP in the third quarter of last year.
He added that the German economy has been stagnating for a long time. He pointed to both internal and global political uncertainty as factors leading to the cut to expectations, and added that the outgoing government had been unable to fully implement its growth plans as its term was ending early. A federal election in Germany is slated for Feb. 23, which is earlier than originally planned due to the break up of the country's ruling coalition late last year."The structural weaknesses of our economy absolutely have to be addressed," Kukies told CNBC."It's really important that we embark on a path of economic growth.
GERMAN ECONOMY ECONOMIC GROWTH RECESSION POLITICAL UNCERTAINTY FEDERAL ELECTION
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