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German GDP growth at 1.5% in Q2

Germany’s gross domestic product (GDP) adjusted for price, season and calendar rose 1.5% in the second quarter of 2021 compared to the previous three-month period, according to a preliminary estimate from the country's statistical office Destatis released on Friday. The growth was lower than analysts had expected.

After a contraction of 2.1% in the first quarter amid the COVID-19 crisis, the German economy recovered in the second trimester, mainly due to higher household and government final consumption expenditure.

On an annual basis, Europe's largest economy grew by 9.6% on a price-adjusted basis compared to the same quarter in 2020. Adjusted for price and calendar, the German GDP was up 9.2% year on year.

Breaking the News / NP