Country tackled supply chain issues, surging Covid
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An entry sign indicating that you are only allowed to enter for the “2G” term, which is used in Germany to denote people who have had their Covid-19 vaccinations or recently received them.
Jens Schlueter | Getty Images
Preliminary data on Friday showed that the German economy increased by 2.7% in 2021 following another year filled with Covid-19-related cases and pandemic restrictions.
It comes after the largest euro economy shrunk by 4.6% in 2020 — the first year of full lockdowns and tough social restrictions in the wake of Covid.
Georg Thiel, President of the Federal Statistical Office, stated Friday that “despite continued pandemic conditions, more supply bottlenecks and material scarcities, the German Economy managed to recover from last year’s sharp fall although the Economic Performance has not yet attained its pre-crisis levels again.” According to a statement.
According to statistics, German growth in 2021 was still 2.2% less than it was in 2019. This shows that the economy is not back at pre-Covid levels.
Uncertainty remains clouded in the future economic performance.
The Robert Koch Institute in Germany, Germany’s national health agency warned Thursday that new Covid cases are increasing rapidly. New daily cases are estimated to be around 80,000.
Higher deficit
Germany’s net borrowing increased in 2021.
The statistics office said that financial deficit stood at 153.9 billion euros ($176.46 billion) at the end of the year — higher than the 145.2 billion euros recorded in the previous year.
This story is breaking and being updated.
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