Germany’s economy shrank more than expected in the fourth quarter according to revised figures, raising doubts over the ability of Europe’s biggest economy to escape recession and recover swiftly from its energy crisis.
High inflation drove sharp falls in German consumer spending and investment in buildings and machinery in the final quarter of 2022, the federal statistics office said on Friday, which led to a 0.4 per cent contraction in gross domestic product from the previous quarter.
That is the second downward revision in Germany’s latest GDP figures in the past month. Initially Destatis estimated the economy had stagnated, before announcing a 0.2 per cent fall in fourth-quarter output in its flash estimate at the end of January.
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