Germany’s economic recovery travels faster than expected after braking due to Covid-19. The statistical office Destatis, in the final reading, has revised upwards the GDP estimate for the second quarter. It is now estimated at + 1.6% compared to the first quarter from the previous estimate of + 1.5% and the annual change is set at + 9.4% from + 9.2% of the preliminary estimate.
“After the coronavirus crisis at the beginning of 2021 had led to a new decline in economic production (according to the latest calculations -2% in the first quarter), the German economy recovered in the second quarter” writes Destatis. Compared to the fourth quarter of 2019, the quarter before the start of the Covid crisis, the statistics office specifies, economic production is still 3.3% lower.