Thursday, December 2

Germany’s GDP grew by 1.7% in the third quarter, one tenth less than estimated

Compared to the third quarter of 2020, the PIB de Alemania it registered an expansion of 2.5% year-on-year. Likewise, the largest European economy was in the third quarter of 2021 1.1% below the level of activity observed in the fourth quarter of 2019, the last full quarter before the impact of the pandemic.

After domestic demand registered considerable increases in almost all sectors in the second quarter of 2021, between the months of July and September this applied only to final consumption expenditure of households, which increased by 6.2%, compared to 3.8% in the second quarter, while government spending fell by 2.2%, after having increased by 4.6% in the second quarter.

In the third quarter, capital formation fell by 2.2% compared to the second quarter, when it had increased by 1.2%, while foreign trade decreased compared to the previous quarter, since exports of goods and services they fell 1% and imports 0.6%.

Destatis highlighted that this economic performance in the third quarter was achieved with approximately 45.1 million people employed in Germany, which represents an increase of 267,000, or 0.6%, in the third quarter of 2020.

The average number of hours worked per employed person increased by 1.8% in the third quarter of 2021 compared to the same quarter of the previous year.

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