German GDP in the fourth quarter of 2024 decreased by 0.2% compared to the previous three months, according to the report of the Federal Statistical Agency of Germany (Destatis), which presented preliminary data. The consensus forecast of experts, cited by Trading Economics, suggested a 0.1 per cent decline in GDP.
Consumer and government spending rose last quarter, but exports fell significantly, Destatis noted.
“After a year marked by economic and structural challenges, the German economy thus ended 2024 in negative territory,” the report said.
On an annualised basis, the country’s GDP also fell 0.2 per cent in October-December, adjusted for the number of working days. Analysts on average expected no change.
Germany’s economy grew 0.1% quarter-on-quarter in the third quarter and contracted 0.3% in annual terms, as previously reported. For the full year 2024, it shrank 0.2 per cent after contracting 0.3 per cent a year earlier.
The final data on Germany’s fourth-quarter GDP performance will be released on 25 February.
Some respite is expected in 2025, when the German government on Wednesday unveiled a forecast for the economy to grow by 0.3 per cent this year – still a marked decline from the previous growth estimate of 1.1 per cent.
