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International Business Times
International Business Times
Business
Michelle FITZPATRICK

German Economy Shrank In 2023 On Energy, Export Woes

German economic output contracted by 0.3 percent year-on-year, federal statistics agency Destatis said (Credit: AFP)

The German economy shrank slightly in 2023, official data showed Monday, as costly energy, high interest rates and cooling foreign demand took their toll on Europe's export giant.

Output contracted by 0.3 percent year-on-year, federal statistics agency Destatis said in preliminary figures.

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