German Economy Set to Shrink for 2nd Year Running

Published on October 11, 2024

Germany’s economy is on track to shrink for a second year running, Berlin said on Wednesday. Gross domestic product (GDP) is now predicted to shrink by 0.2 percent this year, in stark contrast with the government’s prediction in April that it would grow by 0.3 percent. The German economy shrank by 0.3 percent in 2023. In a statement on its website, the Ministry for Business and Climate Protection said: “The German economy is currently being increasingly affected by structural factors resulting from demographic change, a more difficult competitive position and geo-economic fragmentation. “In addition, economic effects such as persistently weak domestic and foreign demand and the continued restrictive monetary policy are weighing on economic development.”...

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