Thuringia loses pace in economic growth

Erfurt (dpa/th) – Thuringia’s economy grew comparatively weakly in the first half of the year in view of supply chain problems and energy price concerns. The gross domestic product (GDP) rose by 1.9 percent in real terms compared to the same period last year, the State Statistical Office announced on Friday in Erfurt, citing preliminary calculations. The growth in Bavaria was therefore significantly lower than the national average of 2.8 percent in real terms and in all other eastern German states.

According to figures from the State Office, economic output in Saxony rose by 3.0 percent in real terms, in Saxony-Anhalt by 4.5 percent and in Mecklenburg-Western Pomerania by 5.2 percent, also thanks to a strong tourism industry. Thuringia ended up in the bottom third of the federal states in terms of GDP – economic growth was weaker only in Baden-Württemberg at 1.8 percent, Schleswig-Holstein at 1.6 percent and Lower Saxony at 1.1 percent.

The gross domestic product represents the market value of all goods and services manufactured in Thuringia for end use.

Thuringia’s industry in particular had lost its role as the engine of the economy in the first half of the year, after deducting price increases. The automotive and supplier industry, which was the sales heavyweight in the industry in recent years, collapsed sharply. Overall, industry sales in the first half of the year totaled 18.4 billion euros – price-adjusted and thus real, the statisticians calculated a slight minus of 0.5 percent.

According to economists, the German economy faces tough months due to the gas crisis. According to the Ifo Institute, private consumption as an economic driver will fail as the year progresses due to rising consumer prices. The Deutsche Bundesbank now considers a decline in economic output in the winter half-year to be “significantly more likely”.

© dpa-infocom, dpa:220923-99-870258/3

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