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Germany’s GDP Grew by 1.7% in Q3, as Government Spending Fell

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Close up of Germany on map

German gross domestic product (GDP) rose by 1.7% in the third quarter of 2021 compared to Q2 of the year.

Source: Federal Statistics Office

DAX up +0.23%, EUR USD up +0.20%

The latest figures signal that the German economy continued to bounce back over the summer, after the GDP growth of 2% in Q2 of 2021.

Economic output in Q3 of 2021 was 1.1% lower compared to Q4 of 2019, the last quarter before the COVID-19 pandemic started.

The figures also show that even though domestic demand posted strong growth in Q2 of 2021, the growth only applied to private consumption in Q3 of 2021.

Meanwhile, the government reduced its consumer spending by 2.2%. There was also less investment than in Q2.

Investment in equipment dropped by 3.7% as the investment in construction activities declined by 2.3%.

Trade with foreign countries dropped quarter-on-quarter. In Q3 of 2021, exports of goods and services dropped by 1% compared to the last quarter.

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