Ukraine: Klitschko criticises lack of support from Germany
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On Friday, Germany’s GDP growth rate for the final quarter of last year was revealed and unfortunately, it didn’t make for great reading. Like most around the globe, the country’s economy has been impacted by the ongoing Covid pandemic, leading to fluctuations in its performance over the past two years. Here, Express.co.uk analyses the latest figures and what factors have influenced it.
What are the latest figures?
On Friday statistics released by Destatis – the Federal Statistical Office of Germany – revealed the German economy had contracted by 0.7 percent in the fourth quarter of 2021.
Economists had originally predicted it to fall by 0.3 percent.
In the second and third quarters of last year, the country’s economy had grown by 2.2 and 1.7 percent respectively.
Why has Germany’s economy contracted?
During the last quarter, Germany was hit by a new wave of Covid cases triggered by the emergence of the Omicron variant.
Rising levels of the virus eventually led to the western European nation imposing a number of strict lockdown measures against unvaccinated residents.
This included limitations on meetings for those who had not received a Covid jab with their own household and two other people.
Germany also employed its ‘2G’ rule at restaurants, cultural venues and non-essential shops.
The measure stands for genesen (recovered in the past six months) or geimpft (vaccinated).
Factories within the country have also been suffering from the ongoing supply chain crisis.
In particular, this has impacted supplies of key components, such as computer chips.
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How does this compare with the UK?
The UK has not yet released its fourth-quarter figures for 2021, with the latest results demonstrating a growth rate of 1.1 percent for Q3.
Compared with Germany, the UK also saw positive growth in the second quarter of 2021 – recording an increase of 5.4 percent.
Both countries’ economies suffered at the start of last year, with each recording negative scores – UK (-1.3 percent) and Germany (-1.7 percent).
On Friday, Germany also announced that one year after the UK had officially exited the European Union (EU) its exports to the British Isles were down 2.5 percent.
In a statement, Destatis said: “One year after the United Kingdom left the European Union, German exports to the UK continued to decline.
“Based on first provisional results, the Federal Statistical Office (Destatis) reports that Germany exported goods to the value of 65.4 billion euros to the United Kingdom in 2021.
“Compared with 2020, exports to the United Kingdom decreased further by 2.5 percent in 2021 as a result of the Brexit, following a year-on-year decline of 15.3 percent in 2020, the year dominated by the Covid-19 pandemic.
“The data for the entire year 2021 are based on a first release of the export figures available for December 2021.”
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