Germany’s economy seen shrinking again in the current quarter as business confidence declines

BERLIN (AP) — Germany’s central bank says the country’s economy is likely to shrink again slightly in the current fourth quarter. Also on Monday, a survey showed business confidence in Europe’s biggest economy retreating unexpectedly. The economy contracted by 0.1% in the third quarter after growing by the same amount in the previous three-month period, according to official figures. The Bundesbank said in its monthly report that “real gross domestic product in Germany is likely to decline again slightly in the fourth quarter of 2023” as a result of weak performances in industry and construction. Germany is the only major economy expected to shrink this year, according to the International Monetary Fund.