QIV-2024 QUARTERLY REPORT GERMANY
Germany remains stuck in recession Industrial production set to fall for third successive year
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The Germany economy is in its second year of continued contraction. We expect real economic output in 2024 overall to drop by 0.1 percent.
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Among the major EU member states, Germany alone has not yet managed to recover from the pandemic and the energy price shock. While Germany’s economy has more or less stagnated since late 2019, in France, the economy has grown more than four percent, in Italy, more than five percent, and, in Spain, more than seven percent.
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Manufacturing output is heading for its third consecutive downward year. From January to October 2024, manufacturing output was already more than four percent down on the same period last year.
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German foreign trade has not managed to benefit from the pick-up in world trade. We expect German exports this year to decrease 0.5 percent in real terms.