Germany’s economy failed to return to pre-pandemic size in 2021 as microchip shortages hit output in the auto industry and further Covid-19 restrictions slowed the recovery of Europe’s largest economy, data showed on Friday. fair (14).
German Gross Domestic Product (GDP) grew by 2.7% in 2021, after plummeting 4.6% in 2020, the first year of the coronavirus crisis, according to preliminary data from the Federal Bureau of Statistics.
The result was in line with expectations in a Reuters poll of analysts.
The data means that Germany’s economic output was still 2% below the pre-crisis 2019 level, according to the agency.
The world’s fourth-largest economy shrank in the last three months of 2021 after growing in the previous two quarters, as the rise in coronavirus infections led to renewed restrictions on retail and the hotel sector, the agency said.
The initial estimate for fourth-quarter GDP points to a contraction of between 0.5% and 1.0%, a spokesperson added.
The main drivers of growth in 2021 were a jump in exports and strong public spending to offset the impact of the coronavirus, according to the agency.
(Reporting by Michael Nienaber, Riham Alkousaa and Miranda Murray)
Reference: CNN Brasil
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