German GDP rises by 0.2% in Q1 2022 over Q4 2021: Destatis

25 May '22

2 min read

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The German gross domestic product (GDP) rose by 0.2 per cent in the first quarter (Q1) of this year compared to the fourth quarter of last year after adjustment for price, seasonal and calendar variations. Compared with Q4 2019, GDP was 0.9 per cent lower, according to the Federal Statistical Office (Destatis). Government final consumption expenditure, too, rose slightly by 0.1 per cent in Q1.

“[The] war in Ukraine and the continuing COVID-19 pandemic have intensified existing distortions, including interruptions in supply chains and rising prices,” said Destatis president Georg Thiel.

“Despite difficult framework conditions in the global economy, the German economy started 2022 with a slight growth,” Thiel said.

In the difficult situation of rising prices on the one hand and the easing of COVID-19 related restrictions on the other, household final consumption expenditure in the first quarter of 2022 remained roughly at the same level as in the previous quarter (-0.1 per cent), Destatis said in a note.

Total foreign trade decreased at the beginning of the year. Total exports in Q1 2022 were down 2.1 per cent on the previous quarter due to lower goods exports. One reason is the continuing problems in international supply chains.

Total imports were up 0.9 per cent because imports of services rose considerably, for instance, due to more travels.

In Q1 2022, the price-, seasonally- and calendar-adjusted gross value added on the whole increased by 0.7 per cent over Q4 2021. Diverging trends were shown for the individual economic sectors.

Fibre2Fashion News Desk (DS)

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