Germany’s gross domestic product, full year 2024

Germany’s economy contracted by 0.2% in 2024, the country’s second consecutive annual slowdown, the statistics office Destatis reported on Wednesday.

The decline was in line with the expectations of economists polled by Reuters, according to LSEG data. The European Commission and a group Germany’s leading economic institutions both independently forecast a 0.1% decline in German GDP in 2024.

Ruth Brand, president of Germany’s statistics agency, said that “cyclical and structural pressures” are preventing stronger economic growth.

“These include increased competition for the German export industry in key sales markets, high energy costs, interest rates that remain high and an uncertain economic outlook,” he said.

Germany already had an economy In 2023, it decreased by 0.3%.

On Wednesday, Destatis also released an early first reading of gross domestic product (GDP) in the fourth quarter based on currently available data. The economy, adjusted for price, seasonal and calendar changes, shrank 0.1% from the previous quarter in the three months to the end of December. Destatis noted that Germany’s regular first reading of GDP for the fourth quarter will be released later this month.

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