The German economy contracted by 0.4 percent in the fourth quarter of 2022. In this respect to witness Data from the Federal Statistical Office.
“Strong price increases and the energy crisis continued to put pressure on the German economy at year’s end. This was particularly evident in private consumer spending.”
The publication added that the 0.4% decrease was 0.2 bp. higher than initial estimates. At the same time, on an annual basis, the country’s GDP grew by 0.3% compared to the fourth quarter of 2021.
On February 23, Reuters, referring to a message from Peter Adrian, president of the German Chamber of Commerce and Industry, knowledgeableDue to Russia’s special operation in Ukraine, Germany may lose at least 4% of GDP by the end of 2023. According to him, the decrease in GDP per capita in Germany could be at least € 2,000. All this is due to the fact that Germany is an industrial country, that is, the main part of the economy depends on industry.
Citing a report previously prepared by the German Economic Institute (IW), Rheinische Post wrote that the situation in Ukraine cost the world 1.6 trillion dollars in 2022.