German economy shrinks 0.2% in 4th quarter of 2022

ANKARA

German economy shrank 0.2% in the fourth quarter of 2022 compared to the previous quarter, official data revealed on Monday.

The market forecast a stagnation for the October-December period on a quarterly basis.

Private consumption expenditure, which had supported the Europe's largest economy in the first three quarters, decreased in the fourth quarter, the Federal Statistical Office (Destatis) said in a statement.

Germany's economy grew 0.8% in the first quarter, 0.1% in the second quarter, and 0.5% in the third quarter amid the continuing COVID-19 crisis and the Russia-Ukraine war, revised data showed.

On an annual basis, the country's gross domestic product rose 0.5% in the fourth quarter.