The skyscrapers of the Frankfurt skyline within the night, with the Deutschherrn Bridge within the foreground.
Frank Rumpenhorst | Picture Alliance | Getty Images
The German financial 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, based on 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 Brand, president of the German statistics company, mentioned that “cyclical and structural pressures” hindered stronger financial growth.
“These embrace growing competitors for the German export trade on key gross sales markets, excessive vitality prices, an rate of interest degree that continues to be excessive, and an unsure financial outlook,” she mentioned in a press release.
Germany’s financial 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 at present obtainable info. The financial system fell by 0.1% within the three months to finish of December, in contrast with the earlier quarter, when adjusted for value, seasonal and calendar variations. The common first studying of Germany’s GDP for the fourth quarter might be launched later this month, Destatis famous.
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