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Germany’s economy has declined by 0.2 percent in the fourth quarter of 2022. Releasing quarterly figures on Monday, Germany’s Federal Statistics Office said Europe’s biggest economy performed worse than expected in the October-December quarter. Germany’s gross domestic product (GDP) contracted largely for the first time since the first quarter of 2021 due to a reduction in consumer spending, the statistics office said.
Germany’s growth rate was 0.5 percent in the third quarter and 0.1 percent in the second quarter. The statistics office said in mid-January before full economic data for December came out that the economy had stabilized in the fourth quarter. Germany had to revise down its growth forecast for the full year to 1.8 percent after the fourth quarter figures came out on Monday. The economy was earlier projected to grow at 1.9 per cent.
Netherlands company Philips laid off
Netherlands-based consumer electronics and medical device company Philips has announced plans to lay off 6,000 employees globally over the next two years. The company has a net loss of 1.6 billion euros in 2022 while in 2021 the company made a net profit of 3.3 billion euros. Earlier in October, the company had announced to reduce its workforce by 4,000. This deduction is in addition to
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