BERLIN, April 29 (Xinhua) -- Germany's gross domestic product (GDP) rose by 0.2 percent in the first quarter (Q1) of 2022 compared to the previous quarter, the Federal Statistical Office (Destatis) announced on Friday.
After the economic recovery last summer and the following decline at the end of 2021, economic output increased again slightly in Q1 this year. "This was mainly due to higher capital formation, whereas the balance of exports and imports had a downward effect on economic growth," Destatis said.
However, the Q1 GDP was still 0.9 percent lower than in the fourth quarter of 2019, the quarter before the COVID-19 pandemic. Economic recovery was slowed by the Russia-Ukraine conflict which had a "growing impact on the short-term economic development since late February," Destatis noted.
On Wednesday, the German government lowered its GDP growth forecast for 2022 to 2.2 percent due to the conflict. In January, it had expected the country's economy to grow by 3.6 percent.
"The risks for the economy are clear," said Minister for Economic Affairs and Climate Action Robert Habeck. After two years of the pandemic, the Russia-Ukraine conflict is "adding a new burden." ■