London
CNN
—
Germany’s economy grew slightly last year despite battling an energy crisis sparked by Russia’s war in Ukraine.
The country’s GDP rose 1.9% last year, mostly due to a surge in household spending, according to a preliminary estimate from its Federal Statistics Office published on Friday.
That has “greatly diminished” the risk of a much-feared recession in Germany, Deutsche Bank said in a note Friday. The bank predicts the German economy will stagnate this year, rather than decline, as it had previously forecast.
Other economists are more hopeful.
“We expect the economic cooldown to be only mild and predict a small, but positive growth rate for the overall year 2023,” Timm Boenke, co-head of forecasting and economic policy at the German Institute for Economic Research, in Berlin (DIW Berlin), told CNN.
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