BERLIN The country’s central bank predicted on Monday that the German economy will likely contract slightly more in the current fourth quarter, while a survey revealed an unexpected decline in business confidence.
Official estimates show that the largest economy in Europe shrank by 0.1% in the third quarter following a growth of the same percentage in the preceding three months.
Due to poor results in manufacturing and construction, the Bundesbank stated in its monthly report that “real gross domestic product in Germany is likely to decline again slightly in the fourth quarter of 2023.”
A recession is commonly defined as two consecutive quarters of contraction; however, experts on a panel that determines when recessions occur in the eurozone utilise a more comprehensive set of data, including employment statistics.
