German Economy Faces Decline as Industrial Orders Plummet
Germany's economic outlook dims with a significant drop in industrial orders and a downward revision of growth forecasts.
- Industrial orders in Germany fell by 5.8% in August, marking the steepest decline since January, with domestic orders dropping by 10.9%.
- Private consumption is expected to remain weak as consumer confidence continues to decline, according to the Ifo Institute.
- The German government revised its 2024 economic growth forecast from a 0.3% increase to a 0.2% contraction.
- The automotive sector, a cornerstone of the German economy, reported a 4.7% decrease in revenues for the first half of 2024.
- Economy Minister Robert Habeck plans to introduce a 'growth initiative' aimed at stimulating investment and reversing the economic downturn.
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