The German economy did not grow in the spring. The gross domestic product stagnated between April and June compared to the previous quarter, according to the Federal Statistical Office based on preliminary figures. Economists had expected growth of 0.1 percent. At the beginning of the year, however, the economy was doing better than expected: the office revised the GDP plus for the first quarter upwards from 0.2 percent to 0.8 percent. The authority explains that the difficult global framework conditions with the corona pandemic, disrupted supply chains, rising prices and the war in Ukraine are clearly reflected in the economy. Accordingly, the economy was mainly supported by private and government consumer spending, while the trade balance dampened economic growth. The Ukraine war is exacerbating problems that were already troubling Germany, such as rising energy prices and supply bottlenecks.
Business cycle – German economy is stagnating – economy
