German economy shrinks 0.2% in Q4 of 2024

ISTANBUL

Germany's gross domestic product (GDP) contracted by 0.2% year-on-year in the fourth quarter of 2024, official figures released on Tuesday showed.

In the last quarter of 2024, exports of goods and services fell considerably by 2.2% compared with the previous quarter, the country's statistical authority, Destatis, revealed.

Meanwhile, imports of goods and services increased by 0.5% in the country.

Economic performance in the manufacturing sector fell 0.6%, marking the country's seventh consecutive drop.

The country's economy has also shrunk by 0.3% in the third quarter of 2024, following growth rates of 0% and minus 0.2% in the second and first quarters, respectively.