Germany Rising Its Economic Growth Estimate And Expects a Consumer-Led Recovery

The German government on Tuesday (April 27th) increased its forecast for the growth of Europe’s largest economy this year to 3.5%, from a previous estimate of 3%, while it expects household spending to support the recovery if the COVID-19 restrictions are lifted.

Germany is striving to contain a third wave of COVID-19 cases.

Presenting the government’s latest growth forecast, Economy Minister Peter Altmaier said Berlin expects GDP to grow 3.6% next year and for the economy to reach pre-pandemic levels in 2022 at the latest.

Altmire predicted that the government would be able to lift most of the restrictions aimed at containing the pandemic over the course of the summer