This was mainly due to higher capital formation, whereas the balance of exports and imports had a downward effect on economic growth. The economic consequences of the war in Ukraine have had a growing impact on the short-term economic development since late February, Germany’s statistics agency Destatis said in a note.

GDP in Q1 2022 was up by price-adjusted 4 per cent compared with Q1 2021, the quarter in which the German economy had been affected by the consequences of the second wave of the pandemic.

GDP growth was 3.7 per cent after adjustment for price and calendar effects. The GDP in Q1 2022 was 0.9 per cent lower (price, seasonally and calendar adjusted) than in Q4 2019, the quarter before the COVID-19 crisis.

Due to the continuing COVID-19 crisis and the war in Ukraine, these results are subject to larger uncertainties than usual.

Fibre2Fashion News Desk (DS)