Economic Buzz: German GDP Rises 2.8% In 2021

25 Feb 2022 , 02:57 PM

The German economy contracted in the fourth quarter as the preventive measures imposed amid the fourth wave of the pandemic weighed, revised data from Destatis showed on Friday. However, the pace of contraction was much slower than the previous estimate. Gross domestic product fell 0.3% sequentially, in contrast to the 1.7% rise in the third quarter. Nonetheless, this was much slower than the 0.7% decline estimated initially. Due to the restrictions imposed in the course of the fourth wave of the pandemic, household consumption declined 1.8% after two quarters of considerable increases. On the other hand, government expenditure rose 1%. GDP advanced by the price-adjusted 1.8% from the last year, following the third quarters 2.8% gain. Similarly, calendar-adjusted GDP growth eased to 1.8% from 2.9% in the prior quarter. The rate was revised up from 1.4%. In the whole year of 2021, GDP grew by unrevised 2.8%.

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