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German economy shrinks

2025-01-15 13:08:00, Ekonomi CNA

German economy shrinks

Germany's economy, which is also the largest in Europe, has suffered a contraction for the second year in a row.

According to official data for 2024, this change occurred despite efforts to restore economic growth.

Germany's Gross Domestic Product fell by 0.2% last year, and is set to contract by 0.3% in 2023.

The preliminary figures were released on Wednesday, weeks ahead of snap elections called after Germany's governing coalition collapsed late last year over disagreements, in which the economy is the main issue.

The hope is that the new German government will decide on a long-term plan for economic reforms and investment.

Germany is struggling with a crisis in its auto industry driven by Chinese competition and an expensive transition to electric cars, alongside high energy costs and tepid consumer demand.

Germany has in fact not seen significant economic growth since the start of the pandemic, with industrial production standing more than 10 percent below its peak while unemployment has started to rise again after falling to record lows./ CNA





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