The performance by Europe’s biggest economy was worse than expected, according to AP.
Gross domestic product shrank for the first time since the first quarter of 2021 largely because of a decline in consumer spending, which had supported the economy in the first nine months of 2022, the Federal Statistical Office said. The drop followed GDP growth of 0.5% in the third quarter and 0.1% in the second quarter.
The statistics office said in mid-January, before it had full December economic data, that the economy appeared to have stagnated in the fourth quarter. Monday’s announcement prompted it to revise last year’s full-year growth figure down to 1.8% from the 1.9% it initially reported.
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