Despite rising food prices, the German economy “held up well”

By: Trademagazin Date: 2023. 01. 13. 11:16

According to the first estimate of the German statistical office, the German economy grew slightly more than experts expected last year mainly due to the positive consequences of the catch-up effect following the restrictions.

According to the first estimate of the German Federal Statistical Office, Destatis, the German gross domestic product increased by 1.9 percent last year compared to the previous year. Adjusted for calendar effects, the increase was 2.0 percent. Economic experts predicted a growth of 1.8 percent for 2022. In the previous year, in 2021, the German gross domestic product increased by 2.6 percent, and in 2020 the decline was 3.7 percent.

“The general economic situation of Germany in 2022 was determined by the consequences of the war in Ukraine and the extraordinary rise in energy prices,” said Ruth Brand, the new president of Destatis, who has been in office since January 1 of this year, at a conference on economic growth in 2022 held in Berlin on Friday. “Added to this were the difficulties in the supply of raw materials, the sharply rising food prices, the acute shortage of skilled labor, and the still existing, albeit weakening, aftereffects of the corona epidemic. Compared to all of this, the German economy held up quite well overall.”

Brand continued.
The gross domestic product of the German economy in 2022 exceeded the performance of 2019, the last year unaffected by the corona epidemic, by 0.7 percent.