Empty pedestrian zone and closed shops in the city ©jokuephotography / Adobe Stock

Federal Statistical Office: German economic activity declined slightly in the third quarter of 2023

Initial figures from the Federal Statistical Office indicate that Germany’s gross domestic product (GDP) fell by 0.1% in the third quarter of 2023 compared to the previous quarter after adjustment for price, seasonal and calendar effects. The revised figures show that economic output had expanded slightly (+0.1%) in the second quarter of 2023, having stagnated in the first quarter of 2023. Data from the Federal Statistical Office show that private consumption, in particular, declined in the third quarter. By contrast, investment in machinery and equipment provided positive stimuli.

In the third quarter of 2023, GDP contracted by a price-adjusted 0.8% compared with the same quarter a year earlier. The decrease was smaller (-0.3%) after price and calendar adjustment as there was one working day less than in the third quarter of 2022.

The Federal Statistical Office will release detailed results for the third quarter of 2023 on 24 November 2023.

The latest data provide an important basis for government agencies, enterprises and investors to make informed decisions and adapt economic policy as required.