The head of the German Institute for Economic Research, Marcel Fratzcher, revealed that Germany lost about 2.5 percent of its GDP due to the Ukrainian crisis.
Fratzcher told the German newspaper Rheinische Post: “Germany lost 100 billion euros due to the Russian military operation in Ukraine, and the consequent increase in energy prices.”
Fratzcher explained that Germany was more affected by the economic crisis, because it was more dependent on Russian energy, had a high percentage of energy-intensive industry, and relied heavily on exports and global supply chains.
Europe's strongest economy underperformed experts' expectations. Germany's gross domestic product, Europe's largest economy according to preliminary estimates, grew by 0.5 percent year-on-year in the fourth quarter of last year.
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