The German economy grew in the first quarter despite Russia’s invasion of Ukraine, which hit private consumption and manufacturing in March, as supply chain problems worsened and energy prices rose.
According to the second estimate for the period announced today by Destatis, German GDP grew by 0.2% on an adjusted basis, from the previous quarter.
The data are unchanged from the first estimate and correspondingly to the estimates of economists.
Despite the difficult conditions in the world economy, the German economy started in 2022 with small growth, says the president of Destatis, Georg Thiel.
GDP in the quarter was lower by 0.9% compared to the fourth quarter of 2019, a quarter before the outbreak of the pandemic.
On an annual basis, GDP ran at a rate of 3.8% on an adjusted basis, compared to the first estimate of 3.7%.
Household expenditures remained almost at the same level as in the previous quarter, while government expenditures increased marginally by 0.1% in the quarter.
International trade declined at the beginning of the year. Exports in the first quarter decreased by 2.1% compared to the previous quarter, due to problems in the supply chain. Imports increased by 0.9% as imports of services increased significantly.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
