German economy shrinks by 0.1 pct in Q2 of ’24

BERLIN, Germany's economy has contracted by 0.1 percent quarter-on-quarter in the second quarter of the year, down from a 0.2 percent increase in the first quarter, according to a report released by the German Federal Statistical Office on Tuesday. The contraction is primarily due to a decline in the investment and construction sectors, the report said. The figures are in line with the expectations and reports of the Ifo Institute, Germany's largest and most important economic institute, which lowered its growth forecasts in July for the third month in a row, the report added. The institute expects no changes in the growth of Europe's largest economy in the third quarter, stating in a report, "The German economy is suffering from a deep crisis." Meanwhile, the German government expects the economy to achieve slight growth of 0.3 percent for the year as a whole. Source: Kuwait News Agency