Germany’s Industrial Production to Decline Again in 2024

IranGate
1 Min Read
Germany's Industrial Production to Decline Again in 2024

Germany’s industrial production will decline again in 2024

According to the assessment of Siegfried Russwurm, the president of the Federation of German Industries (BDI), the country’s industries will experience a 15% reduction in production this year.

At the start of the Hannover International Industrial Fair, he said that despite the prospects for improvement, we should not deceive ourselves. According to him, the statistics in this area have shown a worryingly decreasing trend for years.

German industries have been harmed following Russia’s attack on Ukraine, especially with the sharp increase in energy prices. The president of the Federation of German Industries also pointed to the high interest rates, which, according to him, make investment more difficult.

In March this year, five leading German economic research institutes significantly revised their forecast for the current year downwards in their spring report. Their assessment last fall was that Germany’s GDP would increase by 1.3% in 2024.

The Hannover Industrial Fair was opened with the presence of Olaf Scholz, the Chancellor of Germany. This year’s partner for the fair is Norway.

Share This Article
Every media institution, regardless of its origin or the doctrine it embraces, heralds the dawning of a new vista — a window that illuminates hidden recesses with the radiance of insight. It symbolizes the rich tapestry of perspectives that enable us to perceive and interpret our world. At the IranGate Analytical News Agency, our commitment is unwavering: to uphold the highest standards of journalistic integrity. We recognize and value the media literacy of our audience. We don't merely acknowledge it — we champion its growth, ensuring it thrives rather than diminishes. Our guiding principle resonates through every story we present: 'IranGate: Your Gateway to Enlightened Awareness.'