Germany

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German government will downgrade its GDP growth forecast for 2024 to 0.2% y/y

It was previously predicted that the country's economy will grow by 1.3% this year

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CBAM creates difficulties for small German companies – Stahlmarkt

The country's business cannot receive appropriate consultations in connection with the implementation of the mechanism

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Industrial production in Germany declined by 1.6% m/m in December

The indicator has been decreasing for the seventh month in a row

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Germany to provide €1.3 billion in subsidies for decarbonization of ArcelorMittal

The company plans to invest €2.5 billion in replacing blast furnaces with electric arc furnaces at plants in Bremen and Eisenhuttenstadt

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German inflation slowed to 2.9% y/y in January

Compared to the previous month, the indicator increased by 0.2%

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Germany’s steel regions call for continuation of the EU’s protective measures on steel imports

Representatives of the country's federal lands formed the Steel Alliance

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Germany reduced rolled steel import from third countries by 8.6% y/y in November

The export of steel products for the month increased by 22.2% y/y

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Germany reduced steel production by 3.9% y/y in 2023

Production of pig iron decreased by 0.9% y/y, and rolled steel – by 3.6% y/y

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German steel industry’s demand for additional electricity will increase amid decarbonization

By 2030, the industry will need additional electricity for hydrogen electrolysis in the amount of 48 TWh

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Inflation in Germany in 2023 reached +5.9% y/y

In December, inflation in Germany accelerated to 3.7% y/y

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Germany’s GDP in 2023 declined for the first time since 2020 – by 0.3% y/y

The country's economy decreased under the influence of high inflation, rising interest rates, and a decline in economic activity

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German economy will experience difficulties in 2024 – experts

Last year, the German economy was the weakest among the large eurozone countries

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