Germany’s Economy Contracts Again as Energy Costs Crush Industry
After a 2023 in which Germany found itself as the worlds worst performing major economy, 2024 is shaping up to be another bad year. Newly released data shows domestic engineering orders dropped 20% for June, while renewable subsidies are predicted to soar to 20 billion euros this year, as more and more industrial firms are considering relocating outside of Germany due to the high costs and unreliability of a broken energy system. While Euro area GDP grew in the second quarter, Germany’s economy contracted 0.1%, making its economic woes all the more obvious next to French and Spanish economies where conditions continue to improve
Credit to : Fi5