International, MNA | Germany's economic downturn in Q4 2022 was also marked by lower levels of investment. While construction investment fell by 2.9 percent, investment in equipment, such as machinery, appliances and vehicles, even dropped by 3.6 percent, according to Destatis. Over the course of three years, the COVID-19 pandemic and the Russia-Ukraine conflict will cost Germany's economy a total of 595 billion euros (631 billion U.S. dollars) in added value by the end of 2023, according to recent calculations published by the German Economic Institute (IW). "The extraordinary situation will continue to affect us and weigh on prosperity in the coming months," IW economist Michael Groemling said. (1 euro = 1.06 U.S. dollar)
BERLIN, Feb. 24 (Xinhua) Germany's gross domestic product (GDP) in the fourth quarter (Q4) of 2022 declined 0.4 percent on the previous quarter, the Federal Statistical Office (Destatis) said on Friday.
According to the study published by the German Economic Institute (IW) on Tuesday, Western economies were particularly affected as they lost two-thirds of their global production, reports Xinhua news agency.The
A German study has found that the ongoing Russia-Ukraine war cost the world economy a whopping $1.3 trillion in 2022.According to the study published by the German Economic Institute (IW) on Tuesday, Western economies were particularly affected .