BERLIN: The Ukraine war will have cost the German economy around €160 billion (US$171 billion), or about 4 per cent of its gross domestic output, in lost value creation by the end of the year, the head of the German Chambers of Industry and Commerce (DIHK) said. That means GDP per capita in Europe's larg
BERLIN: The Ukraine war will have cost the German economy around €160 billion , or about 4 per cent of its gross domestic output, in lost value creation by the end of the year, the head of the German Chambers of Industry and Commerce said.
Industry makes up a higher share of the economy in Germany than in many other countries, and the sector is for the most part energy-intensive, meaning German companies have been especially hard hit by a surge in energy prices, which last year hit record highs in Europe. "The growth outlook for 2023 and 2024 is therefore also lower than in many other countries," Adrian said, adding that was also the case last year.
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