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Germany contracted by 0.3% in the final quarter of 2023 after two consecutive periods of stagnation, as Europe's largest economy grappled with the impact of rising prices, increased borrowing costs and weak external demand, particularly affecting the manufacturing and construction sectors. Notably, gross fixed capital formation plummeted by 1.9% (vs 0.1% in Q3), primarily due to decreases in investments in construction (-1.7% vs -0.8%) and machinery and equipment (-3.5% vs 1.4%). In addition, inventory changes subtracted 0.1 percentage points from growth. Meanwhile, private consumption rose by 0.2% (vs 0.0% in Q3), and public spending increased by 0.3% (vs 1.1% in Q3). The contribution from net trade remained neutral as both exports and imports declined by 1.6% and 1.7%, respectively. On a year-on-year basis, the economy contracted by 0.2% in the fourth quarter, entering a technical recession for the first time since 2020-21.