Germany’s third quarter GDP up 1.8% but still below pre-crisis levels: Destatis
Berlin, October 30 (SocialNews.XYZ) Germany’s gross domestic product (GDP) in the third quarter of 2021 increased by 1.8% compared to the previous quarter, the Federal Statistical Office (Destatis) announced on Friday.
“The recovery of the German economy therefore continued in the summer,” noted Destatis, adding that the growth was “mainly attributable to the increase in household final consumption expenditure”. However, GDP was still 1.1% lower than in the last quarter of 2019, the Xinhua News Agency reported.
As savings have accumulated since the start of the Covid-19 pandemic and consumption options have been restricted for a long time, “many households are likely to spend quite freely,” Nils Jannsen, senior researcher at the Institute of Kiel for the World Economy (IfW Kiel), said.
The German government on Wednesday lowered its GDP growth forecast and now expects the country’s economy to grow only 2.6% this year, down from 3.5% as previously forecast.
Nevertheless, Germany is “back on the path to growth after the Covid-19 crisis,” German Economic Affairs Minister Peter Altmaier said, predicting that by 2022 the economy would gain “significant momentum”.