October 2, 2022

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Germany’s economy grew in the second quarter, exceeding analysts’ estimates

Germany, Europe’s largest economy, recorded growth in the second quarter of 2022, exceeding analysts’ estimates, thanks to government and household spending, despite the energy crisis, data published on Thursday by the Federal Statistics Office (Destatis) showed, reports Reuters.

In its initial estimate in July, Destatis predicted a stagnation of the economy in the second quarter of 2022, after an advance of 0.8% was registered in the first three months of this year.

In the period April-June 2022, according to seasonally adjusted data, Germany’s GDP increased by 0.1% compared to the previous quarter, and by 1.7% compared to the same period in 2021, while analysts expected an increase zero.

“Despite the difficult conditions … of developments in the global economy, Germany’s GDP had a good evolution in the first two quarters of 2022,” said Georg Thiel, president of Destatis.

In the second quarter of 2022, household spending rose 0.8% from the previous three months, despite high inflation and the energy crisis, while government spending rose 2.3%.

“The negative factors are currently at such a high level that we cannot rule out a significant decrease in economic activity. Or in other words: many positive things must happen in order for a recession not to occur,” said Thomas Gitzel, chief economist at VP Bank.

Trade between Romania and Germany reached 18.4 billion euros in H1

The volume of trade between Germany and Romania amounted to 18.4 billion euros in the first half of this year, up 12.3% compared to the same period in 2021, according to the figures of the Federal Bureau of Statistics (Destatis), cited by AHK Romania.

Thus, exports to Romania amounted to 9.8 billion euros, the equivalent of an increase of 8.8%, compared to the reference period, while Germany’s imports from Romania amounted to 8.6 billion euros, increasing by 16.6%.

These results place Romania in 19th place among Germany’s trade partners in terms of exports and in 21st place in terms of imports.

The estimates of AHK officials speak of bilateral trade between the two countries that can reach, in 2022, the value of 40 billion euros

“The development of Romanian-German economic relations is very gratifying, especially in the current difficult international context. We are witnessing a substantial interest of German companies to open businesses in Romania, respectively to expand their activities here, which lays the foundations for an even more good development of bilateral trade. If this dynamic is maintained, the value of bilateral trade will approach 40 billion euros in 2022. Considering the reorientation of international supply chains, but also due to the opening of new natural gas fields, Romania represents a location good investment for the German economy. However, bilateral relations cannot be separated from global geopolitical developments. High inflation, high interest rates, high energy prices, existing bottlenecks in supply chains, low consumer confidence are just a few factors that are increasingly pressing more on the economy”, says Sebastian Met z, general manager and member of the Board of Directors of AHK Romania.

AHK Romania is the official representation of the German economy and also the largest bilateral Chamber of Commerce in Romania, established in 2002.

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