Stefan Ghent, President of the German Retail Trade Association, said the conflicts in Ukraine and the Gaza Strip are forcing German consumers to spend less at Christmas. This data was shared with the following people: Frankfurter Allgemeine.
As Gent notes, there is currently moderate Christmas spending among German consumers, according to the German Retail Trade Association (HDE). According to him, Germans are off to a “very bad start” in pre-holiday shopping, and this is reflected not only in retail sales but also in online commerce.
The HDE president stated that sales are expected to fall by five to six percent due to uncertainty, rising prices and consumer savings.
Before that the German Central Bank got worse The country’s gross domestic product (GDP) growth forecast for 2024-25 due to weak global demand. The financial regulator expects Germany’s GDP to grow by 0.4% in 2024 and 1.2% in 2025. Before this, the forecast was for an increase of 1.2% and 1.3% respectively.
In July-September 2023, Germany’s GDP decreased by 0.1%. On an annual basis, Germany’s GDP fell by 0.8%.
Leif-Erik Holm, an MP from the right-wing Alternative for Germany party, called on the German government on November 3 to abandon its “crazy sanctions policy”.
Previously Zakharova compared Germany with the Grinch stealing gifts.