Germany: Only 0.2% increased GDP in the third quarter of 2024 – Full-time recession

Development, but very mild – and in particular only 0.2% – noted in the third quarter of 2024, according to data from the country’s statistical service. In the second quarter, Germany’s GDP had shrunk by 0.3%. The German government expects a fall of 0.2% for the whole year and therefore a second year of recession. The top economic research institutes also expect a reduction in GDP. The situation in the field of development could be improved slightly in the short term. Several market managers indicators for individual sectors and the indicator Ifo were recently better than expected. Businesses assessed both their current business situation and prospects for the next few months more optimistic than recently. “The German economy has managed to halt the downward spiral for now,” said Ifo president, Clemens Fuest. However, a real recovery is not visible, according to the Bundesbank and the International Monetary Fund. According to forecasts, the GDP of all major industrial countries in the world is rising faster than the German economy.