The German economy grew in the first quarter despite Russia’s invasion of Ukraine, which affected manufacturing and private consumption in March, as energy prices rose and supply chain problems worsened.
German GDP grew 0.2% on an adjusted basis compared to the previous quarter, according to initial estimates by the statistical office.
Analysts forecast 0.1% growth.
Growth is mainly attributed to higher capital creation while the export and import balance had a declining impact on economic growth, according to Destatis.
The economic consequences of the war in Ukraine have had an increased negative impact on economic activity since late February.
Annual GDP “ran” at a rate of 3.7% in the first quarter, compared to estimates for 3.6%.
Source: Capital
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