Germany’s economy, the largest in Europe, contracted for the second year in a row in 2024, official data showed Wednesday, underscoring the challenges facing the region as it tries to get economic growth back on track.
Germany’s gross domestic product fell 0.2% last year, according to the country’s Federal Statistical Office, following a contraction of 0.3% in 2023. It’s the first time since the early 2000s, when Germany was grappling with high unemployment, that the economy has shrunk for two years in a row, according to Carsten Brzeski, global head of macroeconomics at pan-European bank ING.
According to Brzeski, German industrial production remains about 10% below its pre-pandemic levels. Possible higher tariffs from the incoming US administration could make the situation worse because of the potential impact on German exports and “the effect on German investments if companies were to move production to the US,” he said.
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