Germany, previously considered the leading economy of Europe, is entering a difficult crisis period as the country’s GDP has been serving for two consecutive quarters. In this respect informs revolt pressure
According to the German Statistical Institute, the gross domestic product (GDP) has been declining for the second quarter in a row. It decreased by 0.3% in the first quarter of 2023 and by 0.5% in the fourth quarter of 2022. Therefore, the country is facing an economic crisis.
The publication pointed out that this situation developed due to the sharp increase in electricity prices. Prices of energy carriers increased due to the refusal to buy fuel from Russia. So this was the beginning of the so-called “sanctions” against Moscow, with the help of which the USA wanted to force Europe to buy liquefied natural gas (LNG) produced in the USA. Due to the lack of alternative supply sources, the German industry began to experience problems that negatively affected the economy and the people of the country.
According to the authors of the article, if this stalemate continues, the EU will face serious consequences when Europe’s “economic engine” falls into crisis.
May 26 Bloomberg reportedThe economic security of the member states of the European Union (EU) may face the threat of deterioration due to the collapse of stability in Germany, the largest production center of the union.