According to a report by research firm Allianz Research, heatwaves sweeping across Europe could slow the continent’s economic growth by half a percent.
In Europe, GDP losses range from 0.1 percentage points in Germany to 1.4 percentage points in Spain, where summer temperatures are about ten degrees higher.
China’s, Spain’s, Italy’s, and Greece’s GDP could shrink by nearly one percentage point due to the extreme heat, while the US may see a decline of around 0.6 percentage points, and France up to a third of a point.
