The gross domestic product (GDP) in the 4th quarter of 2024, adjusted for price, season and calendar effects, has decreased by 0.2 percent compared to the previous quarter. The Federal Statistical Office (Destatis) announced this on Thursday.
According to preliminary findings, private and public consumption expenditures increased, but the price, season and calendar-adjusted exports were significantly lower than in the previous quarter. As a result, the German economy ended the year 2024, marked by both cyclical and structural challenges, in the negative, the statisticians explained.
The price-adjusted GDP decreased by 0.2 percent in 2024 as a whole. The decline was also 0.2 percent when adjusted for both price and calendar effects, confirming the Federal Statistical Office’s first estimate for the annual result from January 15, 2025.
In the year-over-year comparison, the GDP, according to Destatis, was 0.4 percent lower, price-adjusted, in the 4th quarter of 2024 compared to the 4th quarter of 2023. The decline was smaller, at -0.2 percent, when adjusted for both price and calendar effects, due to one fewer working day being available compared to the previous year’s period.