Ukraine war dampens investment | Economic uncertainty jeopardises recovery in 2022 11/04/2022
Growth in real GDP in percent 12 10 8 6
2.7
4
1.1
2.9
1.1
2 0 -2 -4 -6
-4.6
-8 -10 -12 I
II
III
IV
I
2017
II
III
2018
IV
I
II
III
2019
IV
I
II
III
2020
IV
I
II
III
IV
2021
change over previous year quarter change over previous quarter change over previous year Source: Federal Statistical Office
Foreign trade records growth spurt in fourth quarter German foreign trade speeded up further at the end of the year. Goods exports increased by 11.9 percent in the fourth quarter compared to the fourth quarter 2021 (country-specific seasonally adjusted data is not available). The strongest growth by far in absolute terms was in exports to the Netherlands (up 5.1 billion euros or 22.7 percent) and in exports to the United States (up 4.05 billion euros or 14.3 percent). Exports to Italy and Austria also increased by more than one fifth and more than three billion euros in each case. Double digit growth was also recorded in exports destined for Germany’s neighbouring countries France, Poland, Switzerland, the Czech Republic and Belgium. In contrast, exports to China dipped 480 million euros or 1.8 percent. Goods exported to Turkey were 15.6 percent down in value. Exports to the United Kingdom decreased by 1.47 billion euros or eight percent. Goods imported to Germany in the fourth quarter 2021 rose 21.7 percent compared to the fourth quarter 2021, growing almost twice as much as exported goods. The strongest growth in absolute terms was in imports from China (up 10.53 billion euros or 33.4 percent), followed by imports from the Netherlands (up 8.79 billion euros or 39.1 percent) and Belgium (up 4.24 billion euros or 43.6 percent). The price surge in energy commodities inflated the value of imports from supplier countries with imports from Russia up 74.2 percent and Norway up 364 percent. Double digit growth was also recorded in imports from Germany’s neighbouring countries France, Poland and Austria, and from Italy. Imports from Mexico and the United Kingdom swam against the tide, shrinking 23.8 percent and 10.1 percent respectively.
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