German gross domestic product (GDP) grew in July by 1.8% on an annual basis, exceeding expectations for a 1.5% growth, despite pessimistic inflation data in light of the energy crisis and lack of gas supplies.
Last March, the Ifo Institute indicated that Germany's economic growth will be weaker than expected this year due to the war, which will also lead to higher inflation in Europe's largest economy.
IFO's chief economist said the institute expects growth of between 2.2% and 3.1% this year. While the institute's expectations in December were at 3.7%, according to what CNBC Arabia reported.
Germany has been hit hard by the Ukraine war by high energy prices, as well as by its heavy dependence on Russian oil and gas.
