German economic growth stalls amid unexpected Q2 contraction

Germany's economy is set to grow by just 0.1% in 2024, down from a previous forecast of 0.2%.

This follows an unexpected contraction in the second quarter, as ongoing industrial struggles continue to hinder growth, Caliber.Az reports via Bloomberg.

Although there was a slight increase in factory orders and production, it wasn't enough to offset earlier losses, and exports remained stagnant in June.

Analysts now foresee a slow recovery beginning in late 2024, with steady expansion through 2026. The German central bank also warns that weak demand persists and industrial activity will likely improve only gradually.