German economy continued to shrink in 2024

ISTANBUL

Following a 0.3% contraction in 2023, Germany’s gross domestic product (GDP) fell 0.2% in 2024, according to official data released on Wednesday.

Last year’s GDP amounted to €4.306 trillion ($4.437 trillion), Destatis data showed. The figure was in line with market forecasts.

Among the activities constituting GDP, value added in manufacturing fell significantly, 3% on an annual basis.

In particular, key sectors like the manufacture of machinery and equipment for the auto industry saw a marked decline in production.

“Cyclical and structural pressures stood in the way of better economic development in 2024,” Ruth Brand told a Berlin press conference on Germany’s 2024 GDP.

“These include increasing competition for the German export industry on key sales markets, high energy costs, an interest rate level that remains high, and an uncertain economic outlook.” she added.

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• Germany