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Investing.com -- Germany’s economy contracted by 0.2% in the last quarter of 2024 compared to the third quarter, as confirmed by the country’s statistics office on Tuesday.
This figure corroborates an initial reading and indicates a slight downturn in the country’s economic performance.
The export sector, a significant contributor to the German economy, witnessed a significant decrease. Goods and services exports fell by 2.2% compared to the previous quarter.
The last time such a substantial decline was recorded was in the second quarter of 2020.
In the third quarter of 2024, Germany’s gross domestic product (GDP) had seen a marginal increase of 0.1% on a quarter-to-quarter basis. However, this growth did not continue into the last quarter of the year.
Looking at the broader picture for the year 2024, recent computations have verified a year-on-year decrease in the German economy of 0.2%, as stated by the statistics office.
This overall annual contraction underscores the challenges faced by the German economy in 2024.
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