German economy grows 1.9% in 2022

ANKARA

Germany's economy grew 1.9% in 2022, slightly above 1.8% market forecast, according to provisional data from the statistical authority on Friday.

Growth slowed in the Europe's largest economy last year which was hit by "consequences of the war in Ukraine and the extremely high energy price increases," Ruth Brand, president of the Destatis, said.

The country's GDP increased 2.6% in 2021.

"There also were serious material shortages and delivery bottlenecks, massively rising prices, for example of food, skilled labor shortages, and the continuing though fading COVID-19 pandemic," Brand added.

The GDP was 0.7% higher in 2022 compared to 2019, before the onset of the COVID-19 pandemic.

Private consumption was the main driver of growth up 4.6%, while fixed investment and public spending rose 0.2% and 1.1%, respectively.