Germany's GDP down 0.8% YoY in Q3 2023

In nominal terms, GDP rose by 6.0 per cent year on year, with gross national income increasing by 6.4 per cent. The compensation of employees grew by 6.9 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 3.8 per cent and imports by 5.7 per cent on a year-on-year (YoY) basis. Compared to Q2 2023, foreign trade weakened, with exports and imports falling by 0.8 per cent and 1.3 per cent, respectively.

Despite the economic challenges, employment reached a new high, with 46 million people employed, an increase of 0.7 per cent from the previous year. However, the average number of hours worked per person declined by 0.7 per cent.

“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 Destatis.

ALCHEMPro News Desk (NB)