Above all, its long-term dependence on Russian natural gas to fuel industry backfired when the invasion of Ukraine led to the loss of most of Moscow’s supply and to higher costs for energy-intensive industries such as metals, glass, cars and fertilizer. In Germany, the economy has been buffeted by several challenges. It comes after the International Monetary Fund forecast this week that Germany would be the globe’s only major economy to shrink this year, even with weak economic growth around the world amid rising interest rates and the threat of growing inflation. That follows a decline of 0.1% in the first three months of the year and a drop of 0.4% in the last three months of 2022 as the energy shock from Russia’s war in Ukraine echoed through Europe’s largest economy. FRANKFURT, Germany (AP) - The German economy is still failing to grow, figures showed Friday, as the country that should be the industrial powerhouse for all of Europe struggles with high energy prices, rising borrowing costs and a lagging rebound from key trading partner China.Įconomic output in Germany stagnated in the April-to-June quarter, the Federal Statistics Office said.
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