Data published by the Federal Statistical Office (Destatis) showed that in the 4th quarter, German GDP decreased by 0.3% after an increase by 1.7% in the 3rd quarter. Economists had expected a 0.7% drop in GDP. A preliminary estimate published on January 28 suggested a 0.7% decline in GDP. In annual terms, German GDP growth slowed to 1.8% from 2.9% in the 3rd quarter. Economists had expected an increase in GDP by 1.4% per annum. The slowdown in growth was due to delivery bottlenecks and the deterioration of the Covid-19 situation.
Destatis reported that household spending on final consumption fell by 1.8% in quarterly terms, while government spending on final consumption increased by 1.0%. Meanwhile, gross fixed capital accumulation in machinery and equipment increased by 0.9% compared to the third quarter of 2021. Exports of goods and services grew by 4.8% in quarterly terms, while total imports increased by 5.1%.