The German economy hired by 0.7% in Q4

The German statistical office Destatis posted an initial estimate of the decrease in German GDP in the 4Q at the level of 0.7% compared with the prior three months. Economists were expecting a contraction of 0.3% in the last three months of 2021. Compared to the identical period of the former year, GDP grew by 1.4%, while experts expected an annual rise of 1.8%. A quarter earlier, the German economy expanded by 1.7% relative to the previous three months. At the same time, in the twelve months to the end of the 3Q, GDP grew by 2.8%. One of the main elements behind the quarterly decline in the economy between October and December the previous year was the decline in consumer outlay. As a result of the entire past year, Germany’s GDP increased by 2.8%, and not by 2.7%, as previously reported. The final report of Destatis on the dynamics of the country’s economy in the fourth quarter will be published at the end of February.

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Arseny Kudrin

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