Germany Enters Recession as Economy Shrinks Amid Energy and Demand Woes
• Germany's economy shrank 0.3% in 2023 amid higher energy costs and weaker industrial demand
• The country is on track for its first two-year recession since the early 2000s
• GDP was 0.7% higher in 2023 than 2019, before the pandemic
• Analysts forecast stagnant growth at best in 2024 and a high risk of another recession
• Industrial production fell 2% in 2023 as energy costs and dwindling demand weighed on factories