Germany's Economy Grows 0.1% in Q2 "Holding Up Well Despite Ukraine War"

Olaf Scholz, Chancellor of Germany
Photo by Yonhap News

[Asia Economy Reporter Kim Daehyun] The German Federal Statistical Office announced on the 25th (local time) that Germany's second-quarter gross domestic product (GDP) growth rate (preliminary) was recorded at 0.1% compared to the previous quarter. This is 0.1 percentage points higher than the flash estimate (0%) released on the 29th of last month.

Georg Thiel, President of the Federal Statistical Office, said, "Despite the difficult global economic situation, the German economy held steady in the first and second quarters."

Germany's GDP grew by 0.8% in the first quarter and 0.1% in the second quarter, recovering to the level of the fourth quarter of 2019, before the global outbreak of COVID-19 in the spring of this year.

The Statistical Office explained that the German economy was supported by spending from individuals and the government.

Additionally, the Statistical Office stated that exports in the second quarter increased by 0.3% compared to the previous quarter despite supply chain disruptions. Imports rose by 1.6% compared to the previous quarter.

The Deutsche Bundesbank forecasted that in the second half of the year, the gas crisis could lead Germany into a recession.

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