Germany’s economy shrank for a second straight year in 2024, underlining the severity of the downturn facing Europe’s manufacturing powerhouse.
The Federal Statistics Office said on Wednesday that Europe’s largest economy contracted by 0.2 per cent last year, after shrinking by 0.3 per cent in 2023. Economists had expected a decline of 0.2 per cent.
Confirmation that Germany is suffering one of the most-protracted economic crises in decades comes six weeks ahead of a crucial snap election. Campaigning so far has been dominated by the spectre of deindustrialisation, crumbling infrastructure and whether or not the country should abandon a debt brake that constrains public spending.
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