“Despite difficult global economic conditions, the German economy has grown modestly until 2022,” said Georg Thiel, chief of the statistical office. .
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Year-on-year, Europe’s largest economy accelerated its growth rate to 3.8 percent from 1.8 percent at the end of last year, according to seasonally adjusted data. A year ago, the consequences of the second wave of the covid-19 pandemic affected the economy.
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In a tense situation of rising prices and the current easing of quarantine measures, private consumer spending was at a similar level as in the previous quarter (minus 0.1 percent). Government spending also changed only slightly (plus 0.1 percent).
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“Investment was a strong impetus. Due to the mild weather in the first quarter of 2022, investment in construction, despite a significant rise in prices, increased by 4.6 percent compared to the fourth quarter of 2021, “the statistical office said.
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Due to the economic effects of the war in Ukraine, the German government has worsened the outlook for economic growth this year to 2.2 percent, while at the beginning of the year it expected growth of 3.6 percent. It expects the inflation rate to rise to 6.1 percent.
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