The skyscrapers of the Frankfurt skyline within the night, with the Deutschherrn Bridge within the foreground.
Frank Rumpenhorst | Image Alliance | Getty Photographs
The German economic system contracted by 0.2% in 2024, within the nation’s second consecutive yearly slowdown, information from statistics workplace Destatis confirmed Wednesday.
The drop was in keeping with the expectations of economists polled by Reuters, in response to LSEG information. The European Commission and a bunch of Germany’s leading economic institutes had each independently forecast a 0.1% dip within the German GDP in 2024.
Ruth Model, president of the German statistics company, stated that “cyclical and structural pressures” hindered stronger financial growth.
“These embody growing competitors for the German export business on key gross sales markets, excessive power prices, an rate of interest degree that continues to be excessive, and an unsure financial outlook,” she stated in an announcement.
Germany’s economic system had already contracted by 0.3% in 2023.
Destatis on Wednesday additionally launched an early first studying of the gross home product (GDP) within the fourth quarter, primarily based on presently out there info. The economic system fell by 0.1% within the three months to finish of December, in contrast with the earlier quarter, when adjusted for worth, seasonal and calendar variations. The common first studying of Germany’s GDP for the fourth quarter can be launched later this month, Destatis famous.
It is a breaking information story, please examine again for updates.
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