The war in Ukraine is expected to cost Germany 160 billion euros by the end of the year – #war #Ukraine #expected #cost #Germany #billion #euros #year

BERLIN, February 19 (Reuters) – Ukraine 160 to the German economy by the end of the war billion to the euro (171 billion dollars) or about 4% of the gross domestic product will depreciate. This was reported by the German Chambers of Industry and Commerce (DIHK).

This means that GDP per capita in Europe’s largest economy is higher than it would otherwise be 2000 euros will be lower, DIHK head Peter Adrian told Rheinische Post.

Industry accounts for a higher share of the economy in Germany than in many other countries, and the sector is largely energy-intensive, meaning German companies were hit particularly hard by last year’s record-high rise in energy prices. in Europe.

German industry will pay around 40% more for energy in 2023 than in 2021, according to a study by Allianz Trade last month.

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“The growth forecast for 2023 and 2024 is therefore low compared to many other countries,” Adrian said, adding that this was also the case last year.

Relatively cheap for decades Russia Germany, which relies on pipeline gas, its natural gas having reserves USAenergy compared to prices especially high, France and has abundant nuclear energy.

“The price of gas USAabout three to five times higher than in France,” he said, adding that electricity is four times more expensive than in France.

($1 = 0.9351 euros)

Reporting by Klaus Lauer; Written by Sarah Marsh; Edited by Barbara Lewis

Our standards: Thomson Reuters Trust Principles.

2023-02-19 21:16:51
Source – reuters

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