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International Business Times
International Business Times
Business

German Economy Shrinks Again Amid Political Crisis

Economy Olaf Scholz Germany Europe Destatis eurozone United States Volkswagen
Volkswagen's woes have come to symbolise the problems facing Germany's economy (Credit: AFP)

Germany's economy shrank for a second straight year in 2024, official figures showed Wednesday, with little hope of a speedy recovery as Europe's traditional powerhouse is also mired in political crisis.

Gross domestic product in Europe's largest economy fell 0.2 percent last year, according to preliminary figures from federal statistics agency Destatis, after a 0.3 percent contraction in 2023.

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