German economy contracts 0.2% in 2024 in second consecutive annual slowdown
- Germany's economy contracted by 0.2% in 2024, marking the second consecutive year of decline, according to preliminary official figures released Wednesday.
- The economy is now only 0.3% larger than in 2019, the year before the COVID-19 pandemic.
- Spending on hotels and restaurants fell by 4.4%, while outlays for clothing and shoes dropped by 2.8%, despite rising disposable income.
- The German economy is facing challenges from higher energy prices, high interest rates, and increased competition from China, as noted by Ruth Brand, head of the Statistics Office.
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Total News Sources0
Leaning Left34Leaning Right19Center19Last UpdatedBias Distribution47% Left
Bias Distribution
- 47% of the sources lean Left
47% Left
L 47%
C 27%
R 26%
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