The German economy contracted by 0.4 percent year-on-year in the third quarter of 2023 following a 0.1 percent expansion in the previous three-month period, the latest statistics show.
The reject has been largely attributed to the performance of the “manufacture of machinery and equipment” sector. According to the Federal Statistical Office, production in this sector was down 6.3 percent month on month.
By contrast, production in the automotive sector increased and had a slightly positive impact on overall results (+0.7 percent).
In October 2023, production in industry excluding energy and construction was down 0.5 percent from September 2023. Production of capital goods and intermediate goods also declined by 0.1 percent and 0.4 percent respectively.
Production in energy-intensive industrial branches also experienced a drop by 1.4 percent.
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