Contrary to expectations.. German economy achieves quarterly growth despite crises | DW Arabic News | Breaking news and perspectives from around the world | DW

Today, Friday (November 25, 2022), the Federal Statistical Office in Germany announced that the country’s economy grew by 0.4% during the third quarter of this year, compared to the second quarter.

The German Statistical Office had stated, in preliminary estimates, that the average economy growth In the third quarter, it will reach 0.3%.

This data shows that, despite the challenges, Germany’s GDP rose over the summer at a faster rate than initial expectations.

Growth in the July-September quarter was mainly driven by private consumer spending. Although High rates of inflation And the energy crisis, consumers benefited from almost completely lifting the restrictions to prevent the Corona pandemic in the third quarter, for travel and transportation, for example, according to the official German statistical office.

At a time when companies invested tangibly in purchasing equipment such as machinery, investments in the construction field declined, similar to what happened in the second quarter, due to seasonal and price factors. The construction sector was also affected by the rise in construction costs and the increase in mortgage interest rates.

Many economists expect Europe’s largest economy to decline in the next six months, but they don’t The economy collapsed Like what happened in 2020 at the beginning of the Corona pandemic, when the gross domestic product contracted by more than 4% during the entire year.

Fritz Koehler Jepp, chief economist at the German government investment and development bank KFW, said, “A sharp downturn, as happened during the financial crisis or the Corona pandemic, is likely only in the event of a shortage of natural gas, and we must have overcome this.” The problem is thanks to the filling of reservoirs and, above all, to the important rationing efforts made by businesses and households.”

For his part, Rolf Burkl, a consumer expert at the company, explained that the latest survey conducted by the company shows that “consumers’ long-term concerns about Big price hike The energy has gone down a bit.”

And she was Germany relied heavily on Russian gas before the war in Ukraineand raised a step halted pipeline supplies Nord Stream 1 Fears of power shortages and high heating costs this winter.

September’s record inflation of 10% has exacerbated the suffering of businesses and consumers who see their purchasing power eroded. The German government expects the economy to contract by 0.4% in 2023.

Kh.S/AJM (AFP, DPA, Reuters)

  • Pictures: Germany opens the doors of the secret stash of emergency billions!

    entrance camouflage

    Between 1962 and 1964, the Central Bank of the Federal Republic of Germany (West Germany) built a very fortified bunker on an area of ​​about 8,700 square meters in the small town of Kochem in Rhineland-Palatinate. From the outside, the shelter looked like a school and a picnic area. It is true that the people of the town knew that there was a fortified shelter in the place, but even the neighbors adjacent to it did not know what it contained.

  • Pictures: Germany opens the doors of the secret stash of emergency billions!

    At a depth of 30 meters underground

    The location of the shelter was chosen knowingly, as it was believed that the Moselle River Valley could withstand the aftershocks that might result from a nuclear strike. In this top-secret place, 15 billion German marks were stored as an emergency alternative currency.

  • Municipal emergency currency

    Pictures: Germany opens the doors of the secret stash of emergency billions!

    An alternative emergency currency

    During the Cold War, the government of the (West) Federal Republic of Germany in Bonn feared that large quantities of counterfeit currency would be smuggled into the country. The results would then be disastrous: if there was no confidence in the Deutsche Mark, the country’s economy would collapse. So a decision was made to print an alternative currency and store it in this shelter.

  • A heavy armored iron door protects the safe

    Pictures: Germany opens the doors of the secret stash of emergency billions!

    Very heavy armored iron doors

    The room where the currency was stored (the vault), very few people from the central bank were allowed to enter. The secret numbers and keys were hidden in the city of Frankfurt. In order to protect this place, sensors were placed in the walls that work when a noise or vibration occurs, and when the alarm went off as a result, the local police knew about it directly, but without knowing what was in this bunker!

  • Alternative currency chests in the shelter

    Pictures: Germany opens the doors of the secret stash of emergency billions!

    Alternative currency funds

    About DM 15 billion of the alternative currency was printed in banknotes in denominations of 10, 20, 50 and 100 Mark and stored in boxes in the bunker. It was planned that the old currency would be withdrawn in the event of an emergency crisis, and replaced with this currency immediately. The central bank staff checked every three months the condition of the funds and the currency inside them.

  • An ancient communication technology at the Kochem shelter

    Pictures: Germany opens the doors of the secret stash of emergency billions!

    An ancient technology from another era

    Not only was the coin hidden in the bunker, but it was safe to stay there for two weeks in the event of a nuclear attack. Where there was direct radio communication with the Federal Ministry of the Interior in the capital, Bonn, diesel engines to generate electricity, 18 thousand liters of fuel and a tank for drinking water with a capacity of 40 thousand liters.

  • The former shelter of the Central Bank in Kochem in Rhineland-Palatinate

    Pictures: Germany opens the doors of the secret stash of emergency billions!

    A place to protect people too

    In case of emergency, there was room to protect 80 people also in the shelter, with sleeping and working rooms and air filters. But there is no information about the eighty people who could have taken refuge in this place in the event of a nuclear attack.

  • The former shelter of the Central Bank of the Federal Republic of Germany

    Pictures: Germany opens the doors of the secret stash of emergency billions!

    Destruction of the emergency coin in 1988

    In 1988, a decision was taken to destroy the alternative currency, because it was no longer resistant to counterfeiting, and the electronic payment system made banknotes less necessary. After that, the shelter remained empty until 2014, when it was sold to an investor and has been opened to the public since 2016, and it has become a museum that anyone can visit. Prepared by: Philip Paul / A.J

The article is in Arabic

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