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Germany's GDP rises by 1.7% in Q3 2021 over Q2: Destatis

29 Nov '21
1 min read
Pic: craig hastings | Dreamstime.com
Pic: craig hastings | Dreamstime.com

Germany’s gross domestic product (GDP) rose by 1.7 per cent in the third quarter (Q3) of 2021 compared with the second after adjustment for price, seasonal and calendar variations, according to the Federal Statistical Office (Destatis). The recovery of the economy thus continued in summer, after the GDP had grown by 2 per cent in Q2, it said.

Destatis said the increase in Q3 was 0.1 percentage points lower than reported in the first release of October 29 this year. Compared with Q4 2019, the quarter before the coronavirus crisis began, GDP was 1.1 per cent lower.

After domestic demand recorded considerable increases in nearly all sectors in Q2 2021, this applied only to household final consumption expenditure in Q3. It was markedly up by 6.2 per cent over the previous quarter.

Gross fixed capital formation in machinery and equipment decreased by 3.7 per cent, while gross fixed capital formation in construction reduced by 2.3 per cent.

Foreign trade decreased compared with the previous quarter. In Q3 2021, exports of goods and services were down by 1 per cent over Q2, after price, seasonal and calendar adjustment.

Fibre2Fashion News Desk (DS)

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