Gross domestic product (GDP) in Germany, adjusted for price, dipped 0.2% in 2024 on an annual basis, first calculations from the Federal Statistical Office (Destatis), showed on Wednesday.
"Cyclical and structural pressures stood in the way of better economic development in 2024. 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. Against this backdrop, the German economy contracted once again in 2024," Destatis President Ruth Brand commented.
Manufacturing's gross value added slid by 3% in 2024 compared to the year prior and the construction industry's gross value added slumped 3.8%. Meanwhile, the services sector registered a 0.8% growth. In the fourth trimester of 2024, the German economy contracted by 0.1% compared to the previous quarter.
