According to the Federal Statistical Office (Destatis), gross domestic product (GDP) in 2021 was 2.7% higher than in 2020 (in price-adjusted terms). “Economic activity in 2021 was once again highly dependent on coronavirus infection rates and the associated containment measures,” said Georg Thiel, President of the Federal Statistical Office, at a press conference in Wiesbaden.

Economic activity in Germany may have more or less stagnated in the first quarter of 2022, the Bundesbank’s economists write in the current issue of the Monthly Report. They expect Russia’s war of aggression against Ukraine to have had only a limited impact on Germany’s economy at first. Even so, the repercussions of the war are likely to significantly weaken the recovery, which had actually got off to a strong start. “Disruptions to foreign trade and supply chains, soaring energy prices and heightened uncertainty are weighing on enterprises and households,” the report states.

Germany’s current account recorded a surplus of €5.9 billion in October 2022, almost half of the previous month’s result.