BERLIN (Reuters) – The German economy shrank slightly in the third quarter compared with the previous three months, data from the statistics office showed on Friday.
The figure confirms a first estimate, published in late October, that saw the economy shrink by 0.1%.
“After the weak economic development seen in the first half of 2023, the German economy began the second half of the year with a slight drop in performance,” said Ruth Brand, president of the statistics office.
Private consumer spending – which accounts for around two-thirds of gross domestic product – was 0.3% lower than in the previous quarter, while government consumer spending, on the other hand, increased for the first time in more than a year, by 0.2%, according to the office.
Year on year, adjusted GDP contracted by 0.4% in the third quarter.
The statistics office publishes a detailed report outlining the data.
(Reporting by Miranda Murray, editing by Linda Pasquini)
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