Germany's Economic Performance in 2024

In 2024, Germany's Gross Domestic Product (GDP) experienced a slight decline of 0.2% on an annual basis, according to preliminary calculations released by the Federal Statistical Office (Destatis) on Wednesday.

Challenges Facing the German Economy

Ruth Brand, President of Destatis, highlighted several factors contributing to this downturn. "The German economy faced both cyclical and structural pressures in 2024. Increased competition in key export markets, high energy costs, persistently high interest rates, and an uncertain economic outlook all played a role in the contraction of the economy," Brand explained.

This report has sparked discussions on the resilience of the German economy and the potential measures needed to stimulate growth in the face of ongoing challenges.