Brief by Shorts91 Newsdesk / 03:52pm on 16 Jan 2024,Tuesday International
Germany anticipates its first two-year recession since the early 2000s after a 0.3% GDP contraction in 2023, states the national statistics office. The impact of elevated energy costs and weakened industrial demand, coupled with higher interest rates and living costs, contributed to the economic setback. Dr. Ruth Brand, president of the statistics office, cited "multiple crises" affecting the economy. Analysts foresee stagnant growth in 2024 with a heightened risk of consecutive negative output years. The dominant industrial sector, excluding construction, experienced a 2% decline, reflecting challenges from higher energy costs and reduced demand.
