German Preliminary GDP prints -0.3% QoQ in Q4, as expected

• German GDP arrives at -0.3% QoQ in Q4 vs. -0.3% forecast.
• Annual German GDP drops 0.2% in Q4 vs. -0.2% estimate.
• EUR/USD pays little heed to the German Q4 GDP report.

The German economy entered a technical recession, shrinking 0.3% over the quarter in the final quarter of 2023, as against the -0.1% recorded in Q3, according to the preliminary data published by Destatis on Tuesday.

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About German Preliminary GDP

The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of German economic activity and health. A high reading or a better-than-expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).