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Forecast: Germany's GDP will shrink in 2024


October, 14 2024
watermark Economic news

The economy of Germany, Europe's largest economy, is facing a mild recession. Analysts forecast a 0.1% contraction in gross domestic product in the third quarter, confirming concerns that arose after an unexpected decline in the second quarter.


Despite the fact that previously experts expected stagnation in the period from July to September, they now predict a decline in GDP for the whole year. This is a significant change from previous forecasts, when growth of 0.1% was expected. The German government estimates a 0.2% decline in GDP this year.


Such a scenario would be only the second time that Germany's GDP has fallen in several consecutive years since the country's reunification in 1990. Unlike other G7 countries, Germany in 2023 was the only country whose economy showed a decline of 0.3%.


In 2025, analysts expect the economy to grow by 0.8%, which, nevertheless, is lower than the previous forecast of 1%.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.