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Turnover in Germany’s restaurants, hotels rose markedly in 2022
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BERLIN (Reuters) – Turnover in accommodation and food services in Germany rose strongly in 2022 compared with 2021 despite high inflation, the federal statistics office said on Thursday.
BERLIN (Reuters) – Turnover in accommodation and food services in Germany rose strongly in 2022 compared with 2021 despite high inflation, the federal statistics office said on Thursday.
Turnover in restaurants and hotels increased by 47% year-on-year in 2022 in real terms, as the sector benefited from the easing of pandemic restrictions, the office said.
Despite the strong increase, real turnover of accommodation and food services was still below pre-pandemic levels in 2022. According to the first estimate of the statistics office, turnover was just over 11% lower than in 2019.
In nominal terms, turnover in the sector went up 57% year-on-year in 2022.
The difference between the results in real and nominal terms reflects the high price increases for food and energy, Destatis said.
(Reporting by Maria Martinez, editing by Rachel More)
Turnover refers to the total sales generated by a business during a specific period, often used to measure the business's performance.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power.
Gross Domestic Product (GDP) is the total monetary value of all finished goods and services produced within a country's borders in a specific time period.
Real terms refer to values that have been adjusted for inflation, providing a more accurate reflection of purchasing power over time.
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