Reviews: German economy stagnates in the second quarter

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delivery bottlenecks and the consequences of the Ukraine war braked the German economy in the spring. The gross domestic product (GDP) stagnated in the second quarter compared to the first quarter of 2022, as the Federal Statistical Office announced in an initial estimate. At the beginning of the year, Europe's largest economy had grown by 0.8 percent according to the latest data.

Containerschiffe liegen am Containerterminal Burchardkai in Hamburg. Das Bruttoinlandsprodukt stagniert. © Christian Charisius/dpa container ships are located at the Burchardkai container terminal in Hamburg. The gross domestic product stagnates.

The difficult global economic framework with Corona pandemic, disturbed supply chains, rising prices and the war in Ukraine blew significantly in the economy, explained the Wiesbaden authority. The economy was therefore mainly supported by private and state consumption expenditure, while the external contribution dampened economic growth.

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The Ukraine War tightens problems that the German economy had previously created. Increasing energy prices and persistent delivery bottlenecks put a strain on the industry. At the same time, the highest inflation has been slowing down private consumption for decades, which is an important support for the German economy.

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video: Historical inflation high in Europe: According to the GfK consumption researchers, Germany is now noticeably changed. In the case of goods of daily needs such as food or body care products, consumers buckle the belt narrower. The consumer mood recently sank to an all -time low. "The concerns about interrupted supply chains, the Ukraine war and rising rising energy and food prices are now concerned about an adequate gas supply for economy and private households next winter," explained GfK consumption expert Rolf Bürkl.

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At the same time, the mood in the company has deteriorated significantly. The IFO business climate, for which around 9,000 companies assess their current business and expectations for the next six months, sank to the lowest level in July. "Germany is on the threshold of recession," said IFO President Clemens Fuest. "High energy prices and impending gas shortages put a strain on the economy." Economist: With a complete gas delivery stop “deep recession inevitable” Commerzbank chief host Jörg Krämer assumes that the German economy should already be in a downturn. How bad it will come about is mainly in the hands of Russia's President Vladimir Putin. "If the gas deliveries would be completely stopped, a deep recession would be inevitable." This means that the German economy would no longer grow, but would shrink. According to the EU Commission, Europe's largest economy will probably only increase by 1.4 percent this year. The International Monetary Fund expects economic growth of only 1.2 percent in the total year.

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