German Economy Records Slight Contraction

Data released today, Monday, showed that the German economy experienced a slight contraction in the third quarter, as the largest economy in Europe continues to be affected by weak purchasing power and rising interest rates. The Federal Statistical Office reported that the Gross Domestic Product (GDP) decreased by 0.1 percent on a quarterly basis, adjusted for seasonal factors. A survey conducted by "Reuters" had anticipated a contraction of 0.3 percent.