KME Chartered Accountants

January 18,2024

German output contracted 0.3 per cent last year as high inflation, rising interest rates and elevated energy costs made Europe’s largest economy one of the weakest performers in the world, according to an initial estimate released on Monday.

The decline of the German economy in 2023 compounds what has been a gloomy start to the year for the country, which has been hit by nationwide train strikes over working hours and disruptive protests by farmers against cuts to fuel subsidies.

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