Economic stagnation sets the tone
2024 ended on a weak note for most European economies. In quarterly terms, only Poland saw GDP growth above 1%, while Spain was close. Meanwhile, both Germany and France experienced economic contraction, with Germany entering its second consecutive quarter of decline.
Year-over-year, only Poland and Spain recorded solid growth – 3.7% and 3.5% respectively. These two economies stood out in an otherwise sluggish continental landscape.
Shifting consumption habits don’t help
Consumer demand across Europe is leaning toward services rather than goods – a reversal from pandemic-era trends, when people were on a buying spree. For the transport sector, this is problematic: services generate far less demand for freight than manufacturing or retail.
In December 2024, retail sales fell month-over-month in four out of seven key EU markets – by 1.5% in Poland and 1.6% in Germany. Industrial output showed little sign of life, with Spain being a rare bright spot.



