German economy grew by 2.7% in 2021 – Destatis

Germany's Federal Statistics Office, Destatis, in its latest report, showed that the economy expanded by 2.7% YoY in 2021.

Key takeaways

German economy recovering despite continuing pandemic and delivery bottlenecks.

Measured as a percentage of nominal GDP, there was a 4.3% deficit ratio of general government for 2021.

Q4 GDP likely shrank between 0.5 and 1.0 percentage points QoQ.

Dr. Georg Thiel, President of the Federal Statistical Office, “Despite the continuing pandemic situation, more delivery bottlenecks and material shortages, the German economy managed to recover from the sharp fall last year although the economic performance has not yet reached its pre-crisis level again, “ Thiel continued.