Ekonomické zprávy

Germany's GDP unexpectedly declined in the last quarter of 2022

Preliminary data published by the Federal Statistical Office (Destatis) showed that German GDP decreased by 0.2% in the 4th quarter after growing by 0.5% in the 3rd quarter (revised from +0.4%). Economists had expected GDP to remain unchanged. The contraction of the economy was associated with a decline in private consumption against the backdrop of aggressive tightening of the ECB's monetary policy and record high inflation. Inflation in Germany slowed down at the end of the year, but reached a record high in 2022. The increase in energy and food prices has led to an increase in inflation to 7.9% on average for the year. This was the highest level since the founding of the Federal Republic. In December, the upward trend in prices weakened, as the state assumed one-time expenses for advance payments to consumers of gas and district heating. Consumer prices rose by 8.6% per annum after an increase of 10% per annum in November.

Meanwhile, Destatis said that in annual terms, GDP growth slowed to 1.1% in the 4th quarter, which is the weakest growth since the 1st quarter of 2021.

The report also showed that the price adjusted GDP rose by 1.8% in 2022. Economic growth was 1.9% after adjustment for price and calendar effects. This means a downward revision of the original result by 0.1%.

Podívejte se také