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German economy contracts 0.2% in 2024 in second consecutive annual slowdown

The German economy contracted by 0.2% in 2024, in the second consecutive year of declines in the annual gross domestic product of Europe's largest economy.

The German stock index DAX was last higher after the data release, climbing by 0.47% at 10:24 a.m. London time after already having started the day in positive territory. Destatis on Wednesday also released an early first reading of the gross domestic product (GDP) in the fourth quarter, based on currently available information. Robin Winkler, chief Germany economist at Deutsche Bank, on Wednesday said that, while the annual GDP contraction should not be a surprise to anyone, the preliminary reading for the fourth quarter of 2024 was unexpected and worrisome.

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