Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
German economy set to shrink again amid industrial slowdown and energy crisis
Posted on October 8, 2024 |
Germany’s Economy Ministry now predicts a 0.2% contraction in 2024, revising its earlier forecast of 0.3% growth.
The ministry expects the economy to grow by 1.1% in 2025 and by 1.6% in 2026.
In 2023, Germany suffered the only contraction among major advanced economies due to an industrial slowdown, fewer export orders, and rising energy costs caused by Russia’s war in Ukraine.
Lower inflation and interest rate cuts from the European Central Bank failed to boost the economy due to weak demand at home and abroad.
China’s growing competition further pressures Germany’s economy.
The shortage of skilled workers worsens the country’s economic struggles.
Germany faces challenges with the transition from fossil fuels to renewable energy.