German economy contracts in last quarter of 2021

ANKARA

Germany’s gross domestic product (GDP) in the fourth quarter of 2021 decreased by 0.3% from the previous quarter, a second estimate from the German Federal Statistical Office showed on Friday.

“After economic performance had increased again last summer despite growing delivery bottlenecks and material shortages, the recovery of the German economy came to a halt at the end of the year due to the fourth COVID-19 wave and another reinforcement of COVID-19 preventive measures,” Destatis said in a statement.

The fourth quarter GDP was down 1.1% compared with the same period of 2019, before the onset of the pandemic.

On an annual basis, the German economy grew 1.8% in the fourth quarter of 2021, the statistical authority said, citing delivery bottlenecks and a worsening coronavirus situation as reasons for a slowdown in growth.

Germany’s GDP had risen by 10.8% and 2.8% on an annual basis in the second and third quarters of 2021, respectively.​​​​​​​