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Germany's economy contracts again in 2024
(MENAFN) Germany's economy shrank by 0.2 percent in 2024, following a 0.3 percent decline in 2023, according to official statistics released on Wednesday.
The country's GDP for 2024 totaled €4.306 trillion (USD4.437 trillion), in line with market predictions, as reported by Destatis.
A significant drop was observed in the manufacturing sector, where value added fell by 3 percent year-on-year.
Particularly affected were industries such as machinery and equipment production for the automotive sector, which saw a notable reduction in output.
"Cyclical and structural challenges hindered stronger economic performance in 2024," said Ruth Brand at a press conference in Berlin discussing Germany's GDP.
"These challenges include intensified competition in Germany’s key export markets, elevated energy costs, persistent high interest rates, and an uncertain economic outlook," she added.
The country's GDP for 2024 totaled €4.306 trillion (USD4.437 trillion), in line with market predictions, as reported by Destatis.
A significant drop was observed in the manufacturing sector, where value added fell by 3 percent year-on-year.
Particularly affected were industries such as machinery and equipment production for the automotive sector, which saw a notable reduction in output.
"Cyclical and structural challenges hindered stronger economic performance in 2024," said Ruth Brand at a press conference in Berlin discussing Germany's GDP.
"These challenges include intensified competition in Germany’s key export markets, elevated energy costs, persistent high interest rates, and an uncertain economic outlook," she added.
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