London, Friday, 14 January 2022 -
Germany's economy expanded by 2.7 percent in 2021, partially recovering from a 4.6 percent contraction in 2020, as activity and demand rebounded strongly after the Covid-19 outbreak produced significant declines. Nonetheless, due to repeated waves of COVID-19 infections and the related preventive measures, as well as delivery delays and material shortages, GDP remained 2.0 percent below pre-crisis levels.
Household consumption steadied around 2020 levels, still significantly below pre-crisis levels, while government spending increased by 3.4 percent, bolstered mostly by spending on free fast antigen tests, Covid-19 vaccinations, and testing and vaccination facility operations.
Machine and equipment investment climbed by 3.2 percent, while construction investment increased by only 0.5 percent. Exports increased 9.4%, while imports increased at a slower rate of 8.6%, contributing to GDP growth.
(Research and edit by: The Decision Maker)
Source: Federal Statistical Office