The German economy will have fallen into recession in 2023. The gross domestic product (GDP) fell by 0.3 percent compared to the previous year, as the Federal Statistical Office announced on Monday in a first estimate.

The last quarter of 2023 was also not good, the German economy also contracted between October and December 2023. According to previous data, the gross domestic product (GDP) fell by 0.3 percent compared to the previous quarter, as announced by the Federal Statistical Office on Monday.

The German state also suffered losses: last year it spent more money than it received. Based on general economic output, the federal, state, local and social security deficit was 2.0 percent in 2023, as announced by the Federal Statistical Office on Monday.

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