The Strategist

Destatis worsens Germany's first-quarter GDP estimate

05/25/2023 - 10:26

Destatis: the German GDP shrank by 0.5 percent from the previous year in the first quarter.

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Germany, the largest economy in Europe, had its GDP fall 0.5 percent year over year in the first quarter, according to a final estimate from the Federal Statistical Office (Destatis).

An early assessment indicated a 0.1% drop in GDP.

The index decreased by 0.3% on a seasonally adjusted basis; an early assessment indicated no dynamics.

The country's GDP increased by 0.8% year over year in the fourth quarter of last year, while the German economy contracted by 0.5% on a seasonally adjusted basis.