Germany confirms Q4 GDP contraction of 0.2%

(Sharecast News) - Germany's economy shrank by 0.2% in the final quarter of 2024 compared with the previous quarter, the Federal statistics office said on Tuesday, confirming a flash estimate.

Fourth-quarter exports of goods and services were down considerably, down 2.2% compared with the previous three months, a higher decline in exports was last recorded in the second quarter of 2020.

Exports of goods decreased substantially by 3.4% compared with the previous quarter. By contrast, imports of goods and services increased by 0.5%. There was a decline in the imports of goods, down 1.0%, whereas imports of services rose markedly by 4.2%.

In the third quarter of 2024, German gross domestic product rose by 0.1% quarter on quarter.

For the whole year of 2024, the most recent calculations have confirmed the year-on-year decline in economic performance of 0.2%.

Reporting by Frank Prenesti for Sharecast.com