Germany: 2022 preliminary GDP expands 1.9% YoY

Germany’s preliminary Gross Domestic Product (GDP) expanded by 1.9% on an annualized basis in 2022 when compared to the +1.8% market consensus and +2.6% previous, Statistisches Bundesamt Deutschland reported on Friday.

Gross domestic product growth came in at 1.9 percent in all of 2022, compared with expectations of 1.8 percent growth in a Reuters poll of economists.

A preliminary reading for the fourth quarter suggests that Germany may avoid a recession, which is defined as two consecutive quarters of contraction.

There were growing indications that the economy, which grew in the third quarter, could avoid the worst effects of the downturn caused by the drop in Russian energy supplies after the invasion of Ukraine.

A survey last month showed that business confidence rose more-than-expected in December as economic prospects improved despite the energy crisis and rising inflation.