Recent heatwaves across Europe could slow economic growth in Europe by half a percentage point in 2025, a report by Allianz Research showed, comparing a day with temperatures above 32 degrees Celsius to half a day of strikes.
In Europe, GDP losses range from 0.1 percentage points for Germany to as much as 1.4 percentage points for Spain, where temperatures are around ten degrees higher in summer.
Climate change is increasing the frequency and intensity of heatwaves, droughts and wildfires, with far-reaching economic repercussions.
Globally, the heatwaves translate to a GDP reduction of 0.6 percentage points this year, Allianz Research said.
China, Spain, Italy and Greece could each see GDP losses of nearly one percentage point due to the current heatwaves, the Allianz Research report said.
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