German Chancellor, Olaf Scholz arrives for the weekly federal government cabinet meeting on Oct. 11, 2023 in Berlin, Germany.
Europe's largest economy contracted by 0.3% year-on-year in 2023, as high inflation and firm interest rates bit into growth, the Federal Statistical Office of Germany said Monday.
"The overall economic development in Germany stalled in 2023 in the still crisis-ridden environment," said Ruth Brand, president of the federal statistics office, according to a Google translation.
"Despite the recent declines, prices remained high at all levels of the economy.
Added to this were unfavorable financing conditions due to rising interest rates and lower demand from home and abroad," Brand added.
Persons:
Olaf Scholz, Ruth Brand, Brand
Organizations:
Federal, Office, Germany, Reuters
Locations:
Berlin, Germany, Europe's