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Germany's economy contracts in 2023 due to high energy prices.
The German economy shrank in 2023 due to high energy prices and interest rates. Inflation has dropped because energy prices have stabilized, but core inflation remains steady, mainly from services. Real wages are growing due to falling inflation and a tight job market. Banks are making more money because of high interest rates, but some of this increase might not last. The high interest rates have shown weaknesses in how banks finance commercial real estate deals.
