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Germany's economy expands 1.6% in Q2

Germany's economy expands 1.6% in Q2

Mubasher: The German economy grew by 1.6% in the second quarter (Q2) of 2021, slightly better than initial reports of 1.5% in June, the Associated Press reported on Tuesday.

This economic expansion followed a drop of 2% in Q1-21, according to the Federal Statistical Office. 

The April-to-June period witnessed a pick-up in the number of COVID-19 cases and then a fall to a very low level, leading the authorities to lift some restrictions as the country stepped up its vaccination campaign. 

Meanwhile, Europe's largest economy was hit by supply chain issues resulted from the ship that blocked the Suez Canal as well as delays in the production and delivery of microships. 

Despite the quarterly economic growth, Germany's gross domestic product (GDP) was 3.3% lower than in Q4-19, the last quarter prior to the COVID-19 crisis.