Germany’s growth slowed in 2022 as Europe’s main economy faced the highest inflation rates in decades amid soaring energy prices.
Preliminary data from Destatis, as the country’s statistics agency is known, show that the German Gross Domestic Product (GDP) advanced by 1.9% in 2022 compared to the previous year.
The result marked a significant cooling from the 2.6% gain registered in 2021, when Germany recovered from the contraction caused by the Covid-19 pandemic in 2020.
The preliminary reading was in line with the forecast of analysts consulted by the The Wall Street Journal.
“The general economic situation in Germany in 2022 was characterized by the consequences of the war in Ukraine, such as the extremely high increases in energy prices,” said Destatis president Ruth Brand in a statement on the agency’s website.
Source: CNN Brasil
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