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Financial News: German Economy Recovers In 2021

German Economy Recovers In 2021

01/14/2022 - 04:55:00 (RTTNews)

(RTTNews) - The German economy expanded in 2021 after shrinking in 2020, data published by Destatis showed on Friday.

Gross domestic product grew 2.7 percent in 2021, in contrast to the 4.6 percent decline in the previous year.

Similarly, calendar-adjusted GDP advanced 2.7 percent in 2021, reversing a 4.9 percent fall in 2020.

"The economic development was highly dependent on Covid-19 infection rates and the associated preventive measures also in 2021," said Georg Thiel, President of the Federal Statistical Office, at the press conference.

Despite the continuing pandemic situation, more delivery bottlenecks and material shortages, the German economy managed to recover from the sharp fall last year although the economic performance has not yet reached its pre-crisis level again, Thiel added.

On the expenditure-side, household spending was up 3.1 percent and government consumption surged 6.6 percent in 2021.Gross fixed capital formation rebounded 6.4 percent.

At the same time, exports and imports grew 15.3 percent and 16.7 percent, respectively.

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