Berlin Projects Slower Economic Growth Despite Outpacing National Average

Economic Senator Franziska Giffey cites challenges in Germany's automotive sector but highlights Berlin's strong startup ecosystem as a foundation for future innovation.

• Berlin's economic growth for 2024 is forecasted at 1.3–1.5%, slightly below last year's 1.6% but still above the national average.
• Economic Senator Franziska Giffey attributes the slowdown partly to struggles in Germany's automotive industry, which impacts Berlin's 30,000 workers in the supply chain sector.
• Despite the challenges, Berlin's startup ecosystem remains robust, with over 29,500 new businesses founded in the first nine months of 2024, a 1.9% increase from the previous year.
• Berlin leads Germany in new business creation, with 78 startups per 10,000 residents, outperforming cities like Hamburg and Munich.
• Giffey emphasizes Berlin's ambition to become Europe's leading innovation hub, leveraging its strong entrepreneurial growth as a key driver.

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