Forecast for the economic development in Germany 2022-2023

For 2023, the Association of German Chambers of Commerce and Industry forecasts a shrink in the gross domestic product of 0.5 percent compared to 2022. Due to rising commodity and energy prices triggered by the Russia-Ukraine war, business expectations for 2022 are subdued. High inflation rates negatively affect consumer sentiment and influence the business situation of German companies. Two years earlier, in 2020, the corona pandemic and the lockdown caused economic output to collapse massively.