Germany is in recession. There is data for the fourth quarter of 2023

According to estimated data for the fourth quarter of 2023, The German economy shrank On an annual basis by 0.3%, and from quarter to quarter BKB Recording a decline of 0.4%. The last months of last year meant a lot to Germany Slack sealWhich emerged among businesses and consumers throughout the year.

Remember that similar data mostly indicated declines throughout the year. The deepest slowdown was recorded in the third quarter, year-on-year The GDP contracted by 0.8% and by 0.1% during the three months.

Meanwhile, today's bulletin is a supplement to the data provided by the German Statistical Office two weeks ago. It's about initial reading GDP for the full yearwho pointed this out Europe's largest economy contracted by 0.3%.

– The head of the office, Ruth Brand, said at a press conference in Berlin that accompanied the announcement of the estimates – that the overall economic development in Germany in 2023 collapsed in an environment that is still characterized by numerous crises.

The collapse in the industrial sector has also become clear PMI, measuring the attitude with which entrepreneurs evaluate running a business in the current economic environment. The indicator discussed in Germany is below the neutral threshold of 50 points. Continuously starting July 2022Which suggests the state of pessimism prevailing among companies, which is at the same time The longest series of this kind in history.