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Europe's largest economy contracted in the fourth quarter of last year

2023-01-30T12:22:40.721Z


Berlin, SANA- Data published by the Federal Statistical Office in Germany today showed that the country's economy contracted in the first quarter


berlin-sana

Data published by the Federal Statistical Office in Germany today showed that the country's economy contracted in the last quarter of 2022, as a result of the damage caused by the consequences of the Ukrainian crisis.

German newspapers quoted the office as saying: The country's gross domestic product declined by 0.2 percent during the last quarter of last year, contrary to expectations that suggested its stability without growth at zero percent. The office also revised the growth rate in the third quarter of 2022 by raising it to 0.5 percent. compared to a previous rate of 0.4 percent.

On an annual basis, the German economy rose by 0.5 percent, compared to expectations for a growth of 0.8 percent.

The energy crisis resulting from the war in Ukraine has shaken the German economic model, which relies in particular on large imports of cheap gas from Russia.

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Source: sena

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