After declining by 1.9 percent in the first quarter, the German economy returned to 1.9 percent in the second quarter, according to revised results and price- and calendar-adjusted data. Growth in the third quarter is slower, as economists of German banks expected 2.2 percent.
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“According to a preliminary calculation, growth in the third quarter of 2021 was driven mainly by higher private consumption,” the statistical office said. Detailed GDP results will be published on November 25.
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German Economy Minister Peter Altmaier announced on Wednesday that the economic recovery after the covid-19 pandemic will be slower this year due to supply chain disruptions, product and raw material supply disruptions, and rising energy prices. The ministry originally expected 3.5 percent GDP growth this year, but now, according to Altmaier, it will be 2.6 percent.
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On the other hand, the German Ministry of the Economy expects a more significant recovery in the coming year, at 4.1 percent instead of the expected 3.6 percent. Leading German economic institutes expect even stronger growth in 2022, by 4.8 percent.
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