The Bundesbank points to the persistent crisis of the industrial and export model and places Trump’s protectionism as a factor that generates uncertainty
The German economy registered a fall of 0.2% in 2024, according to a first estimate published today by the Destatis institute. The German statistical organization explained this slowdown by the persistent crisis of its industrial and export model. Until then, nothing new, as the bad omens that the Bundesbank has been anticipating for some time are confirmed.
It is the second consecutive year of recession for the first European economy, whose GDP already contracted by 0.3% in 2023. In turn, in the last quarter of 2024, GDP fell by 0.1% compared to the quarter above, according to a preliminary estimate by Destatis.
As already mentioned, the German central bank anticipated these poor results, which the entity’s president, Joachim Nagel, attributed last week to structural problems, in addition to what he called “headwinds.” As ABC already explained, Nagel pointed to protectionist trends worldwide – the tariff plan defended in the campaign by the president-elect of the United States, Donald Trump – as one of the factors that generates greater uncertainty.
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