Ukraine war expected to cost Germany 160 billion euros by year-end

FILE PHOTO: The main deck of the Floating Storage and Regasification Unit (FSRU) "Neptune" is seen during the official commissioning of the liquefied natural gas (LNG) terminal "Deutsche Ostsee" at the harbour in Lubmin, Germany, January 14, 2023. John Macdougall/Pool via REUTERS

The Ukraine war will have cost the German economy around 160 billion euros ($171 billion), or some 4% of its gross domestic output, in lost value creation by the end of the year, the head of the German Chambers of Industry and Commerce (DIHK) said.

That means GDP per capita in Europe's largest economy will be 2,000 euros lower it would otherwise have been, DIHK chief Peter Adrian told the "Rheinische Post".