"Germany's Economy Faces Recession Despite Dodging Consecutive Shrinks"
Germany's economy shrank by 0.3% in 2023, marking its first contraction since the onset of the Covid-19 pandemic, with the outlook for the wider euro area also appearing bleak. High prices, weakened demand, and rising interest rates have contributed to the economic slowdown, with the country narrowly avoiding a recession in the second half of the year. The decline in GDP reflects weakness across various sectors, including manufacturing, while government spending cuts and disruptions such as a recent national rail strike further cloud the economic outlook. Despite this, employment saw a record increase, with foreign workers and more of the domestic population joining the labor force offsetting the effects of Germany's aging population.
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- Germany on track for two-year recession as economy shrinks in 2023 The Guardian
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