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German Economy Ends 2021 With Economic Contraction

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Euro with piggy bank and German flag

The German economy closed 2021 with a halt in its recovery, dragged by the resurgence of COVID-19 cases amid the spread of the Omicron variant.

Source: Destatis

EWG is down 0.86%.

The fourth-quarter gross domestic product fell by 0.7% from the previous quarter, as COVID-19 restrictions were reimplemented during the quarter and hit household final consumption.

The GDP for the quarter was up by a price-adjusted 1.4% versus the same quarter of the previous year but remains 1.5% below the fourth quarter of 2019 before the COVID-19 crisis hit.

The latest quarterly contraction follows two consecutive quarters of growth, as the economy grew by 1.7% in the third quarter and 2.2% in the second quarter. The German economy declined by 1.7% in the first quarter of the year.

The German economy climbed by 2.8% for the full year of 2021.

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