Published by Global Banking & Finance Review®
Posted on February 25, 2025
1 min readLast updated: January 25, 2026
Add as preferred source on GoogleGermany's economy shrank by 0.2% in Q4 2024, with exports down 2.2%. High energy costs and competition contributed to the second annual contraction.
BERLIN (Reuters) - The German economy shrank by 0.2% in the final quarter of 2024 compared with the previous quarter, the statistics office reported on Tuesday, confirming a preliminary reading.
Exports of goods and services were down considerably, falling 2.2% compared with the previous quarter, with a higher decline last recorded in the second quarter of 2020, it said.
In the third quarter of 2024, German gross domestic product rose by 0.1% quarter on quarter.
For the whole year of 2024, the most recent calculations have confirmed the year-on-year decline in economic performance of 0.2%, added the office in a statement.
Increasing competition from abroad, high energy costs, elevated interest rates and uncertain economic prospects have taken their toll on the German economy, which contracted in 2024 for the second year in a row.
(Reporting by Miranda Murray, editing by Thomas Seythal)
The main topic is the contraction of the German economy by 0.2% in Q4 2024, as confirmed by the statistics office.
High energy costs, elevated interest rates, and increasing competition from abroad contributed to the economic decline.
Exports of goods and services fell by 2.2% compared to the previous quarter.
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