{"id":125008,"date":"2024-01-31T07:30:58","date_gmt":"2024-01-31T05:30:58","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/german-economy-shrinks-in-final-quarter-of-2023\/"},"modified":"2024-01-31T07:30:58","modified_gmt":"2024-01-31T05:30:58","slug":"german-economy-shrinks-in-final-quarter-of-2023","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/german-economy-shrinks-in-final-quarter-of-2023\/","title":{"rendered":"German economy shrinks in final quarter of 2023"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/125008\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\nEurope&#8217;s biggest economy has continued to shrink amid crises, inflation and lacking investment. Economists have warned the outlook for 2024 does not look much better. Germany&#8217;s gross domestic product (GDP) fell by 0.3% in the last quarter of 2023, the Federal Statistical Office (Destatis) reported on Tuesday, confirming their previous estimates. Facing high inflation, high interest rates, a low demand for German exports and a series of strikes, Europe&#8217;s largest economy saw its GDP also fall 0.3% for the entire year of 2023, according to the preliminary government data.<\/p>\n<p>Germany is also expected to face a rough 2024, with economists predicting further shrinking in the first quarter of this year. &#8220;The German economy has not grown for almost two years and there is no turnaround in sight,&#8221; Sebastian Dullien from the IMK Institute told Reuters. &#8220;The weak fourth quarter of 2024 points to a weak start in the new year \u2014 the best-case scenario for the first quarter is minimal growth. There is even the risk that the German economy shrinks further,&#8221; he added.<\/p>\n<p>Once considered the economic behemoth of the Eurozone, Germany has more recently been derided as the &#8220;sick man of Europe.&#8221; However, it was not the only poor performer, with France seeing its economy stagnate. At the same time, Italy \u2014 the EU&#8217;s third biggest economy \u2014 saw its GDP grow by 0.7%, while Spain \u2014 the EU&#8217;s fourth biggest economy \u2014 saw a whopping 2.5% growth.<\/p>\n<p>German Finance Minister Christian Lindner has tried to paint a more positive picture, telling the World Economic Forum in Davos earlier in January that &#8220;Germany is not the sick man&#8221; but rather &#8220;a tired man&#8221; following the recent years of crisis, who was in need of a &#8220;good cup of coffee&#8221; \u2014 which is to say, structural reforms. Lindner&#8217;s own pro-market Free Democrats (FDP) \u2014 the most junior partner of the ruling coalition government \u2014 has refused to budge on keeping Germany&#8217;s &#8220;debt brake&#8221; in place.<\/p>\n<p>A uniquely German financial policy, the &#8220;debt brake&#8221; stops the government from borrowing more money in an attempt to keep the books balanced. This policy has been criticized by many economists, especially outside of Germany, who have pointed out that borrowing is necessary for investing in the country&#8217;s future, such as with green restructuring.<\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.dw.com\/en\/german-economy-shrinks-in-final-quarter-of-2023\/a-68119861\">DW<\/a> <\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/german-economy-shrinks-in-final-quarter-of-2023\/\">German economy shrinks in final quarter of 2023<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[555,1052,6653,570,6287,4464,11732],"class_list":["post-125008","post","type-post","status-publish","format-standard","hentry","category-news","tag-csr-news-en","tag-economy","tag-final","tag-german","tag-quarter","tag-shrink","tag-year-2023"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/125008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=125008"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/125008\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=125008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=125008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=125008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}