Germany's GDP up by 2.7% in 2021 over 2020 figure

GDP was still 2 per cent lower in 2021 than in 2019, the year before the Covid-19 crisis began.

“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 continued.

In contrast to 2020, when production was in part reduced sharply on account of the pandemic, economic performance increased in nearly all economic sectors in 2021.

The price-adjusted gross value added in manufacturing rose markedly by 4.4 per cent year on year. Notable increases were recorded also for most of the service sector compared with 2020, Destatis said in a press release.

Despite the increases of 2021, economic performance has not yet reached pre-crisis levels in most economic sectors. Economic performance in manufacturing, for instance, was still 6 per cent below the level of 2019 in 2021.

In 2021, foreign trade recovered from the strong decreases of the previous year. German exports of goods and services were up a price-adjusted 9.4 per cent on 2020. Imports increased by a price-adjusted 8.6 per cent in the same period. In 2021, Germany’s trade with foreign countries was thus only slightly below the level of 2019.

Fibre2Fashion News Desk (DS)