Germany's federal statistics agency Destatis has released a quarterly estimate indicating that the country's GDP grew slightly by 0.2% in the third quarter of 2024, helping the nation narrowly avoid entering a recession. This performance comes on the heels of economic challenges faced throughout the year, including a brief recession in 2023, underscoring the fragility of the country's industrial and export sectors in the current global economic climate.
Despite the slight growth in GDP, the unemployment rate has remained relatively stable at 2.8 million people. This steady job market positions Germany uniquely within the European economy as it grapples with the effects of declining industrial orders that have weakened its export-driven model. The underlying challenges serve as a reminder of the continent's dependency on manufacturing and the associated risks.
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