German GDP grows 2.7% in 2021
Germany’s economy grew by 2.7% in 2021, the country’s statistical office Destatis said on Friday.
“The economic development was highly dependent on Covid-19 infection rates and the associated preventive measures also in 2021,” Georg Thiel, Destatis president, stated. “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,” he added.
The report showed that almost all economic sectors grew with the price-adjusted gross value added in manufacturing jumping 4.4% and business services jumping 5.4%. Only construction showed a contraction in 2021, falling 0.4% compared to the previous year.
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