BERLIN: The German economy shrank by 0.2% in the final quarter of 2024 compared with the previous quarter, the statistics office reported today, confirming a preliminary reading.
“Exports of goods and services were down considerably, falling 2.2% compared with the previous quarter, with a higher decline last recorded in the second quarter of 2020,” it said.
In the third quarter of 2024, Germany’s gross domestic product rose by 0.1% quarter-on-quarter.
For the whole year of 2024, the most recent calculations have confirmed the year-on-year decline in economic performance of 0.2%, added the office in a statement.
Increasing competition from abroad, high energy costs, elevated interest rates and uncertain economic prospects have taken their toll on the German economy, which contracted in 2024 for the second year in a row.