Germany's GDP shrank by 0.3% quarter-on-quarter in the fourth quarter of 2023. Demand has fallen in almost all economic sectors in Germany.
Government austerity measures, supply chain disruptions due to military conflicts in the Red Sea region and the ongoing train drivers' strike were all factors. Germany's economy may decline again in the first quarter of 2024, according to many economists.. German media said that many economists are pessimistic about Germany's economic prospects in 2024, and hopes for a sustainable recovery in the consumer environment will have to be postponed further.