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GERMANY FLASH Q2 GDP +1.5% Q/Q SA, -9.2% Y/Y WDA
GERMANY Q1 GDP -2.1% Q/Q, -3.1% Y/Y
- The German economy expanded by 1.5% in Q2, coming below market expectations (BBG: +2.2%).
- While Apr was characterized by strict restrictions, May and June saw a rapid loosening of restrictions, which provided a boost to business activity.
- Q1 growth was revised down to -2.1% q/q from -1.8% reported previously.
- The annual rate surged to 9.2% in Q2, after falling by 3.1% in the previous quarter, reflecting the sharp decline seen in Q2 2020.
- Compared to Q4 2019, the last quarter before the crisis, GDP is still 3.4% lower in Q2 2021.
- Destatis noted that Q2's increase was mainly driven by private and government consumption.