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Germany's GDP down 0.8% YoY in Q3 2023

In nominal terms, GDP rose by *.* per cent year on year, with gross national income increasing by *.* per cent. The compensation of employees grew by *.* per cent, driven by tax-free inflation compensation and higher minimum wages, the Federal Statistical Office (Destatis) said in a press release.

Foreign trade experienced a significant decline, with exports down by *.* per cent and imports by *.* per cent on a year-on-year (YoY) basis. Compared to Q* ****, foreign trade weakened, with exports and imports falling by *.* per cent and *.* per cent, respectively.