The country’s economy is recovering despite challenging base conditions, the Federal Statistical Office said.
In 2022, Germany’s gross domestic product grew by 1.9% compared to a year ago, despite the energy crisis, inflation, the conflict in Ukraine and other difficulties. This was announced on January 13 by the Federal Statistical Office.
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It is noted that last year the country spent more money than it received: the state budget deficit reached 2.6% of GDP.
“In 2022, the general economic situation in Germany was affected by the consequences of the war in Ukraine and the very high growth of energy prices,” said Ruth Brand, head of the statistical office.
In addition, there was a shortage of raw materials and skilled labor, inflation, as well as the worsening Covid-19 pandemic.
“While these difficult conditions persist, the German economy generally performed well in 2022. GDP was 0.7% higher than in 2019, the year before the start of the coronavirus crisis,” he stressed.
Earlier, the World Bank quickly cut economic growth forecasts for most countries and warned that further adverse shocks could lead the global economy into recession.
At the same time, the IMF does not plan to again lower the forecast for global economic growth in 2023.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.