Germany's economy has faced significant challenges, shrinking for two consecutive years for the first time in twenty years, raising concerns for the upcoming government.
The decline in Germany's GDP, down 0.2% last year after a 0.3% drop in 2023, marks only the second two-year contraction since the 1950s.
Analysts point to increased competition from China, soaring energy prices, and cuts in production by industrial firms as key factors behind the economic contraction.
The construction sector faced a 3.8% decline, impacted by higher raw material costs and interest rates, indicating broader economic instability.
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