Germany's economy sees 0.2 percent decline in GDP in 2024
Date
1/15/2025 7:08:18 AM
(MENAFN) Germany's Economy experienced a 0.2 percent decline in its gross domestic product (GDP) in 2024, following a 0.3 percent contraction in 2023, according to official data released on Wednesday. The GDP for 2023 was reported at €4.306 trillion (USD4.437 trillion), a figure that aligned with market predictions, as stated by the Federal Statistical Office (Destatis).
The data also highlighted that manufacturing, one of the key components of Germany's GDP, saw a notable decrease. Value added in this sector fell by 3 percent compared to the previous year, signaling a significant downturn. Among the various manufacturing industries, the production of machinery and equipment, particularly for the automotive sector, experienced a marked decline in output.
Ruth Brand, from the Federal Statistical Office, addressed the press in Berlin, explaining that several factors contributed to the economic challenges faced by Germany in 2024. She identified both cyclical and structural pressures as the primary obstacles to a stronger economic performance.
Brand further elaborated that these pressures included growing competition for Germany’s export industries in critical markets, high energy costs, persistently elevated interest rates, and an overall uncertain economic outlook. These challenges hindered any substantial improvement in Germany's economic growth during the year.
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