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Berlin, July 2, 2025 — Recent heatwaves across Europe could reduce the continent’s economic growth by up to 0.5 percentage points this year, according to a new report by Allianz Research. The study compares working during temperatures above 32 °C to losing half a day’s productivity due to strikes.

GDP losses vary widely across Europe, with Spain potentially losing up to 1.4 percentage points, as summer temperatures run nearly 10 degrees above average. Germany’s GDP could shrink by around 0.1 percentage points, while France may lose up to a third of a point.

Globally, Allianz estimates that extreme heatwaves could trim 0.6 percentage points off worldwide GDP in 2025, with China, Italy, Spain, and Greece each facing losses near 1 percentage point. The U.S. may see a decline of around 0.6 percentage points.

The report highlights that climate change is driving more frequent and severe heatwaves, droughts, and wildfires, creating significant economic risks. The International Labour Organization also forecasts that heat stress could cut global working hours by 2.2% by 2030.

Allianz Research recommends structural measures to help cities adapt and workplaces stay productive under rising temperatures.