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German Economy Up in 2021, But Still Below Pre-Coronavirus Levels

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European financial crisis concept: Crisis in Germany

The German economy rebounded in 2021, but this was not enough to bring the levels back to before the COVID-19 pandemic hit.

Source: Destatis

EWG is down 0.12% premarket.

The gross domestic product was 2.7% higher in 2021 than in 2020, but the level was still 2.0% lower than that recorded in 2019 or the year before the COVID-19 health crisis started.

Manufacturing grew by 4.4% year-on-year but was still 6.0% below 2019 levels. Business services climbed 5.4%, while the aggregated economic sector of trade, transport, accommodation, and food services increased by 3.0%.

Household spending for the year stood at the low level of 2020, while government spending climbed by a price-adjusted 3.4%, with officials spending more on free rapid antigen tests introduced in the country, along with COVID-19 vaccines.

Germany ended 2021 with 44.9 million individuals employed, roughly the same recorded in the previous year.

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