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Europe's biggest economy, Germany to be into recession in 2023 due to energy crisis
Posted on September 30, 2022 |
- Germany is facing extreme inflation, particularly in energy prices after Russia cut gas supplies via the Nord Stream pipeline due to pressure from the Ukraine war.
- German GDP grew by 0.1% between April and June but inflation grew by 7.9% rate in August, which is beyond the two-percent target of the European Central Bank.
- Germany's manufacturing sector, a driver of the economy saw a sharp decrease of 14.2 points, and businesses’ assessment of the current situation also fell 3.0 points to 94.5 points.