According to an estimate of the Federal Statistical Office, the gross domestic product in Germany was 1.5 percent higher in the second quarter than it had been in the first quarter. Above all, consumer spending, both private and public, contributed to this positive development. The gross domestic product is still lower than it was before the Corona crisis, because the shortage of materials and supply chain issues constrained recovery to some degree.
Growth, however, is likely to accelerate in summer. It will probably reach the pre-crisis level in the current, third quarter, and climb to 2.3 to 3.9 percent this year, according to the German economic institutes – provided the economic risks are not too pronounced. In the Euro zone as a whole, economic output rose by 2 percent in the second quarter.