Germany to lose 110 bln euros by 2023 due to high energy prices

BERLIN, Nov. 8 (Xinhua) -- The current spike in energy prices will cost Germany nearly 110 billion euros (110 billion U.S. dollars) in real income by 2023, with the funds flowing to sellers abroad, according to a study published Tuesday by the ifo Institute for economic research.

The losses will equate to 3 percent of Germany's annual economic output, according to the institute. The total amount includes 35 billion euros from last year, 64 billion from this year, and another 9 billion euros of losses predicted for 2023. This is the highest real income loss since the second oil crisis in the late 1970s.