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Stronger-Than-Expected Recovery For Germany’s Economy in The Second Quarter Thanks to Consumers And Government Spending

Adel 24 August, 2021 12:28 pm Market Update

The German Federal Statistics Office said in a revision of an earlier estimate that private consumption and government spending led to a stronger-than-expected economic recovery in Germany in the second quarter, following the easing of anti-Covid-19 restrictions.

The bureau added that gross domestic product grew 1.6% in the April-June quarter, after adjusting for the price, seasonal, and calendar effects, slightly above its previous estimate of 1.5% growth.

Germany’s economy contracted by 1.8% on a quarterly basis in the first quarter of 2021 due to COVID-19 restrictions.

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