Europe: Economy Limps from Germany to Great Britain
As business bankruptcies are on the rise in Germany, Britain recorded zero economic growth between June and July
The number of business bankruptcies in Germany rose by 24.9 percent in the first six months of 2024 compared to the same period of the previous year. According to data published by the Federal Statistical Office (Destatis), “the courts have estimated creditor claims at around €32.4 billion.” In August 2024 alone, “bankruptcy filings increased at an annualized rate of 10.7 percent.” According to Ruth Brand, head of Destatis, the negative trend will continue in the second half of the year.
Meanwhile, in July 2024 (latest available data), Britain recorded “zero” economic growth for the second month in a row. According to a statement from Britain’s Office for National Statistics (ONS), “summer sporting events, such as the European Football Championship, supported the services sector” while “industrial production and the construction sector fell, contributing to the lack of GDP growth.” Economic growth in the United Kingdom reached just 0.5 percent in the second quarter.
