QI-2023 QUARTERLY REPORT GERMANY
Economy grows 1.8 percent in 2022 Industrial production down 0.3 percent on last year
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Economic output dropped at the end of 2022 with a mild recession on the cards over the winter period. Gross domestic product at the end of the year was slightly lower than before the outbreak of the Covid pandemic.
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Private consumption expenditure remains weak. Although employment levels are rising, inflation is eating away at purchasing power.
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Investment activity is only looking to expand marginally this year with uncertainty still high. Construction investment is being weighed down considerably by soaring interest rates and construction costs.
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No tangible impetus expected from foreign trade with global trade volume growing at low level. Exporters are cautiously optimistic.
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Industrial production dipped last year. Production levels should remain stable in the first half of 2023 given the high volume of manufacturing orders in hand.