Hanover. Lower Saxony's economy saw a decline in revenue last year. According to the State Office for Statistics Lower Saxony (LSN), turnover among VAT-registered businesses fell by 1.8% in 2024 to approximately €746 billion.
Lower Saxony's economy shrinks in 2024 as energy and manufacturing slump
The number of companies, however, rose by 0.6% to 276,260.
The decline was driven primarily by the energy sector and manufacturing. Energy suppliers experienced a sharp drop in revenue of 17%, which the LSN described as a return to pre-crisis levels.
In manufacturing, the downward trend observed since 2022 continued, with a 5.5% decrease. The mechanical engineering sector, as well as metal production and processing, were particularly hard hit.
By contrast, most service sectors performed positively.
Significant revenue growth was seen in financial and insurance services, as well as in professional, scientific, and technical services. Overall, the data suggests a structural shift toward service-oriented economic sectors, the agency noted.
However, the strong gains in services were not enough to offset the steep declines in production and trade.
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