The persistent economic slowdown tightens its grip on Germany, as the Gross Domestic Product contracts by 0.3 percent in the fourth quarter of 2023, adjusting for price, calendar, and seasonal factors, as per the latest data from the Federal Statistical Office.

Commenting on the figures, Ruth Brand, the head of the authority, notes, "With this, the German economy concludes 2023 in the negative territory. Declining investments hinder the economy in the final quarter, although consumption shows a slight increase." Germany's entry into the new year lacks momentum, as it navigates without a tailwind.

The overall year 2023 saw Germany slipping into recession, with the Gross Domestic Product declining by 0.3 percent compared to the previous year.