Berlin-agencies :
The German economy contracted in the last quarter of 2022, as the damage caused by the consequences of the Ukrainian crisis caused a strong negative impact on the largest economy of the Old Continent.
The Federal Statistical Office in Germany announced that the country's GDP declined by 0.2 percent during the last quarter of last year, contrary to expectations that it was likely to stabilize without growth at zero percent.
The bureau also revised the growth rate in the third quarter of 2022 by raising to 0.5 percent, ahead of the previous rate of 0.4 percent.
On an annual basis, the German economy grew by 0.5 percent, against expectations for growth of 0.8 percent.
The energy crisis caused by the war in Ukraine destabilized the German economic model, which depends in particular on the massive import of cheap gas from Russia, in a way that prompted it to create a second line called "Nord Stream 2" that did not enter service, after relying heavily on the main line "Nord Stream 1".
In October, official data showed that the German economy unexpectedly grew in the third quarter, as Europe's largest economy escaped the threat of recession at that time, despite rising inflation and concerns about energy supplies.
The annual inflation rate in Germany slowed down last December, for the second month in a row, after inflation rates during 2022 recorded their highest levels in almost 70 years.
Data from the German Federal Statistical Office showed in mid-January that consumer price inflation in Europe's largest economy fell to 8.6 percent year-on-year, in line with expectations, against 10 percent in November.
The bureau said coordinated inflation fell to 9.6 percent year-on-year in December, in line with analysts ' expectations, from 11.3 percent in November.
The harmonized consumer price index "HICP" is used to measure inflation in the eurozone, which is "coordinated" because all EU countries follow the same methodology for calculating inflation.
The bureau said that for the whole of 2022, coordinated inflation reached 8.7 percent.
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