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MNI DATA BRIEF: German​ GDP Revised Up; Below Pre-Covid Level

(MNI) London

Germany's economy recovered strongly in the second quarter, data released Tuesday confirmed, although the economy still remains around 4% below the pre-pandemic levels of Q4 2019. GDP growth was 1.6% quarter-on-quarter, revised up 0.1% from the preliminary reading, Destatis, the national statistics agency said.

Growth was revised higher to 9.4% y/y, up from the preliminary reading of 9.2%.

Private consumption came in below expectations, up 3.2% q/q against a 5.4% decline in Q1. Government spending was ahead of forecasts, rising 1.8% q/q vs a rise of just 0.2% in Q1.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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