The worst recession scenarios are receding for the German economy, which is weathering the winter and the energy crisis better than expected, but must transform to secure its future. The GDP estimate for the year 2022 will be published on Friday at 11 a.m. (French time) by the German statistics office Destatis. Analysts expect growth of 1.8%, down nearly one point from 2021, which posted 2.6%.
Resilient consumption, public aid, energy savings in industry… Faced with the crisis, the euro zone’s leading economy is holding up well, even if certain sectors are still in danger. The energy crisis, caused by the war in Ukraine, has shaken up the German economic model, based in particular on the massive importation of inexpensive gas from Russia. The war put an end to Russian deliveries, causing prices to soar in Europe for part of the year.
Inflation soared, as production costs in industry, the engine of German growth, fueling fears of a major economic crisis for the country.