Germany narrowly avoids recession in Q1: Destatis

BERLIN, May 25 (Xinhua) -- Germany narrowly avoided recession in the first quarter (Q1) of 2022 as the gross domestic product (GDP) climbed by 0.2 percent compared to the previous quarter, the Federal Statistical Office (Destatis) said on Wednesday.

"Despite difficult framework conditions in the global economy, the German economy started 2022 with a slight growth," Destatis President Georg Thiel commented.

Compared to pre-COVID-19 crisis levels, however, the German economy had not fully recovered yet as GDP was still 0.9 percent lower than in the fourth quarter of 2019.

The pandemic and the Russia-Ukraine conflict have "intensified existing distortions, including interruptions in supply chains and rising prices," Thiel added.

Supply chain bottlenecks and energy price hikes due to the conflict would continue to weigh on the economy in addition to the pandemic, Germany's state-owned development bank KfW said on Wednesday.

After the outbreak of the Russia-Ukraine conflict, the bank halved its real growth forecast for Germany to 1.6 percent for 2022. It expects moderate 1.2 percent growth in 2023.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In World

Oslo gay bar shooting won't stop fight for equal rights - Norway PM
EU sanctions should include Russian gas embargo, says Ukraine official
Sri Lanka struggling to secure fresh fuel supplies - minister
Iraqi PM arrives in Iran after Saudi visit to push for revival of Tehran-Riyadh talks
Pats on back, all smiles as Macron, Johnson appear to bury hatchet for G7
Russian strikes on Kyiv are "more of their barbarism", Biden says
Shanghai will gradually resume dining-in at restaurants from June 29
UK's Boris Johnson: cost of Russian victory in Ukraine is too high
Biden thanks Scholz for leadership on Ukraine crisis at G7 summit
In Gaddafi's hometown, little hope for Libya's future

Others Also Read