Warning signs for German economy
17 January 2024
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In the Media
Monetary Policy
17 January 2024
Housing and Planning
Julian Jessop quoted in The Daily Express
IEA Economics Fellow Julian Jessop has been quoted in The Daily Express responding to news that Germany’s GDP fell by 0.3 per cent in 2023.
Julian said:
“We’re obviously in a lot better position and we’re still in a mess. But things are worse in Germany. Of course, this isn’t good news for the UK – Germany is Europe’s biggest single economy and still a major trading partner so we shouldn’t take any pleasure in this.
“They’ve been relying for years on cheap energy, mainly imported from Russia, to make things to sell to countries like China. So they’ve been hit simultaneously by the energy crisis and also a slowdown in global trade and weakness in the Chinese economy.
“It’s not a huge surprise that they struggled last year. What’s worrying though, that there has been no real sign of recovery this year either.”
Read the full article here.
Julian said:
“We’re obviously in a lot better position and we’re still in a mess. But things are worse in Germany. Of course, this isn’t good news for the UK – Germany is Europe’s biggest single economy and still a major trading partner so we shouldn’t take any pleasure in this.
“They’ve been relying for years on cheap energy, mainly imported from Russia, to make things to sell to countries like China. So they’ve been hit simultaneously by the energy crisis and also a slowdown in global trade and weakness in the Chinese economy.
“It’s not a huge surprise that they struggled last year. What’s worrying though, that there has been no real sign of recovery this year either.”
Read the full article here.
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