Germany's economy shrinks in Q3

BERLIN, Nov 25 (Reuters): Germany's economy shrank slightly in the third quarter compared with the previous three months, data from its statistics office showed on Friday.

The figure confirmed an initial estimate, published in late October, that saw Europe's largest economy shrink by 0.1 per cent.

"After the weak economic development seen in the first half of 2023, the German economy began the second half of the year with a slight drop in performance," said Ruth Brand, president of the statistics office.

Germany has been among the weakest economies in Europe this year as high energy costs, weak global orders and higher interest rates have taken their toll.

In the second quarter, Germany's economy had grown by 0.1 per cent after stagnating in the first three months of the year.

Adjusted gross domestic product (GDP) contracted by 0.4 per cent year-on-year in the third quarter.