Berlin The German economy stagnated in the spring. The gross domestic product was unchanged between April and June compared to the previous quarter, as the Federal Statistical Office (Destatis) announced on Friday. Economists had expected growth of 0.1 percent.
At the beginning of the year, however, the economy was doing better than expected: Destatis revised the increase in GDP for the first quarter to 0.8 percent from the 0.2 percent initially mentioned.
Above all, private and government consumer spending supported the economy during the period, while the trade balance dampened growth. “The difficult global economic conditions with the ongoing corona pandemic, disrupted supply chains, rising prices and the war in Ukraine are clearly reflected in economic development,” said the Wiesbaden statisticians.
Federal Minister of Economics Robert Habeck recently spoke of the “biggest energy crisis in Germany” – triggered by the heavy dependency on Russia. The International Monetary Fund (IMF) believes that the local economy will only achieve comparatively meager growth of 1.2 percent this year.
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