Germany’s economy contracted 0.2% in the last quarter of 2024 compared to the previous quarter, the country’s statistics office said on Tuesday (25), confirming a preliminary reading.
Exports of goods and services retreated sharply, with a 2.2% drop over the previous quarter, the highest decline since the second quarter of 2020.
In the third quarter of 2024, German gross domestic product grew 0.1% over the previous quarter.
For the year 2024, the latest calculations confirmed the decline at the annual base of 0.2%, the office added in a statement.
The growing competition from abroad, high energy costs, high interest rates and uncertain economic perspectives have affected the German economy, which was contracted by 2024 for the second consecutive year.
