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2023 02 24T070823Z 1 LYNXMPEJ1N07N RTROPTP 4 GERMANY ECONOMY GDP - Business Express
FILE PHOTO: The skyline with its financial district is photographed during sunset as the spread of the coronavirus disease (COVID-19) continues in Frankfurt, Germany, October 26, 2020, REUTERS/Kai Pfaffenbach

German GDP contracted by 0.4% in the fourth quarter

BERLIN (Reuters) -The German economy contracted at the end of the year, as inflation and the energy crisis took their toll on household consumption and capital investment.

The German economy shrank by 0.4% in the fourth quarter of 2022 compared with the previous three months, the statistics office said on Friday.

Preliminary data from the office had pointed to a 0.2% quarter-on-quarter contraction adjusted for price and calendar effects. In the third quarter of 2022, GDP saw slight growth of 0.5% compared to the three months prior.

After relief measures such as the fuel discount and the 9-euro transport ticket ended, consumers spent less on consumption in the fourth quarter than in the third quarter, the statistics office said. Household spending was down 1.0%.

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The statistics office publishes a detailed report outlining the data.

(Reporting by Maria Martinez, Editing by Kirsti Knolle and Friederike Heine)


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