The gross domestic product of Germany, which is Europe’s largest economy, is estimated to have grown by 0.5% year on year in the fourth quarter of 2022.
This is evidenced by the data published by the country’s Federal Statistical Office Destatis today, Monday. Analysts polled by DailyFX had forecast a 0.8% increase in growth.
Thus, the German economy recorded growth in the fourth quarter of 2022 less than analysts expected.
The data also showed that the German economy shrank by 0.2% in the fourth quarter of last year compared to the third quarter of 2022.
The bureau said gross domestic product contracted for the first time since the first quarter of 2021 due to lower consumer spending that supported the economy in the first nine months of 2022.
Official data released today prompted the Census Bureau to revise its growth figures for all of last year to 1.8% from an initial 1.9%.
Source: Prime + AR
