German economy shrinks 0.3 pct in 2023: Destatis

BERLIN, Jan. 15 (Xinhua) -- Germany slipped into recession in 2023, the country's Federal Statistical Office (Destatis) said on Monday. Based on initial calculations, Destatis said that Germany's gross domestic product (GDP) fell by 0.3 percent year-on-year, with global crises weighing on the economy.

Europe's largest economy did "not continue its recovery from the sharp economic slump experienced in the pandemic year of 2020," said Destatis president Ruth Brand. In 2022, GDP still grew by 1.8 percent.