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Leonhard Simon/Getty Images
A BMW factory in Munich seen in December 2023. Germany’s struggling manufacturing sector has been a drag on economic growth.
London
CNN
—
Germany’s economy shrank last year for the first time since the Covid-19 pandemic hit, official data showed Monday, increasing the risk of an economic contraction in the wider euro area.
Gross domestic product was 0.3% lower in 2023 than in the previous year, according to Germany’s Federal Statistical Office.
The data bodes ill for the entire area that uses the euro because Germany is the largest of its 20 economies.
This is a developing story and will be updated.
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