Recent heat waves across Europe could slow economic growth i
n Europe by half a percentage point in 2025, a report by Allianz Research showed, comparing a day with temperatu
res above 32 degrees Celsius to half a day of strikes.
In Europe, GDP losses range from 0.1 percentage points for Germ
any 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 heat wa
ves, droughts and wildfires, with far-reaching economic repercussions.
Globally, the heat waves 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 heat w
aves, the Allianz Research report said, while the U.S. may face a decline o
f around 0.6 percentage points and France of up to a third of a point.
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Extreme temperatures also reduce labor productivity, with
casting that heat stress will reduce total potential working hours worldwide by 2.2% by 2030.
Productivity losses due to heat can be mitigated, Allianz Research sa
id, calling for structural measures to prepare cities and adapt workplaces.
(Reporting by Maria Martinez; editing by Ludwig Burger)
Photograph: People refresh in the river Rhine during a heat wave in the city center of Basel, Switzerland, Monday, June 30, 2025. (AP Photo/Martin Meissner)