Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Finance

Posted By Global Banking and Finance Review

Posted on January 15, 2025

German economy contracted 0.2% in 2024

By Maria Martinez

BERLIN (Reuters) - The German economy contracted for the second consecutive year in 2024, being the weakest economy again among eurozone peers.

Europe's biggest economy contracted by 0.1% in the final quarter of last year and shrank by 0.2% over the full-year 2024, the Federal Statistics Office said on Wednesday.

The full-year decrease in gross domestic product (GDP) compared with a forecast by analysts polled by Reuters for a 0.2% drop in 2024.

As an export oriented economy, Germany is suffering from weak global demand and competition from Chinese products. Exports fell by 0.8% in 2024, compared with the previous year.

Following the contraction in the last quarter of the year, the economy could be in a winter recession if the first quarter of 2025 was also negative.

A technical recession is defined as two consecutive quarters in contraction.

(Reporting by Maria Martinez, Writing by Miranda Murray)

Recommended for you

  • IEA says new US sanctions could significantly disrupt Russian supply

  • British stocks advance after inflation surprise

  • UK grid operator pauses connection applications to allow reform