Final data released by the German Statistics Office on Tuesday showed that the German economy shrank by 0.2% quarter-on-quarter in the fourth quarter of 2024, in line with preliminary data.
The report said that exports of goods and services fell by 2.2% quarter-on-quarter in the fourth quarter, the largest drop since the second quarter of 2020.
The German Statistics Office added in a statement that the latest calculations confirmed that GDP fell by 0.2% year-on-year in 2024.
Increased competition from abroad, high energy costs, rising interest rates and an uncertain economic outlook have all taken their toll on the German economy, causing it to contract for the second consecutive year in 2024.
