The German economy skirted a recession at the start of the year, growing more than expected thanks to the construction sector and exports, preliminary data showed on Tuesday. "Instead of an upturn, only narrow-gauge growth is in sight," said Alexander Krueger, chief economist at Hauck Aufhaeuser Lampe Privatbank. The statistics office revised the data for the last quarter of last year to show a 0.5% contraction, rather than the fall of 0.3% that was previously reported.
The German government slightly increased its 2024 growth forecast Wednesday, saying there were signs Europe's beleaguered top economy was at a "turning point" after battling through a period of weakness.Several months ago there had been expectations of a strong rebound in 2024, with forecasts of growth above one percent, but these were dialled back at the start of the year as the economy continued to languish.
When it comes to the European Union, Germany's economy has long been the proverbial 800-pound gorilla in the room — a role that has become even more important since Brexit. That's why economists on both sides of the Atlantic are concerned that high borrowing costs are pushing some of Germany's biggest home builders and developers into insolvency and roiling the country's housing market. For decades, the German economy has ridden the strength of its industrial capability to become one of the worl
Economy Minister Robert Habeck on Wednesday said he sees the German economy in "rough waters" as the country is "coming out of the crisis more slowly than we had hoped." The government expects only a small amount of growth of 0.2% this year, down from the 1.3% it predicted in its autumn forecast. Last year, the German economy slipped into recession. Habeck said the reasons for the gloomy economic situation include the historically low growth in global trade, which is particularly difficult for a
Economy Minister Robert Habeck sees the German economy in "rough waters" as the country is "coming out of the crisis more slowly than we had hoped," he said on Wednesday. The government expects only a small amount of growth of 0.2% this year, down from the 1.3% it predicted in its autumn forecast. Last year, the German economy slipped into recession. Habeck said the reasons for the gloomy economic situation include the historically low growth in global trade, which is particularly difficult for