"Heatwaves could slash European GDP" - Report: Extreme temperatures will bring economic consequences
Heatwaves in Europe are expected to slow economic growth by 0.5 percentage points in 2025. Extreme temperatures could also reduce workplace productivity if necessary measures are not taken.
Heatwaves in Europe could slow economic growth in Europe by half a percentage point in 2025, according to a report by Allianz Research. The data compares a day with temperatures above 32 degrees Celsius to half a day of strike action.
In Europe, losses in Gross Domestic Product (GDP) range from 0.1 percentage points in Germany to 1.4 percentage points in Spain, where summer temperatures are about ten degrees higher.
Climate change is increasing the frequency and intensity of heat waves, droughts and fires, with wide-ranging economic consequences.
Globally, heat waves will translate into a GDP reduction of 0.6 percentage points this year, according to Allianz Research.
China, Spain, Italy and Greece could suffer GDP losses of around one percentage point due to the current heatwaves, the report said, while the United States could face a decline of around 0.6 points and France up to a third of a point.
Extreme temperatures also reduce work productivity, with the International Labour Organization predicting that heat stress will reduce total potential working hours worldwide by 2.2% by 2030.
Productivity losses due to heat can be mitigated, says Allianz Research, by calling for structural measures to prepare cities and adapt workplaces.
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