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German Economy Recovers In Q2

The German economy recovered in the second quarter driven by higher household and government consumption, data released by Destatis showed on Friday.

Gross domestic product grew 1.5 percent from the first quarter, when it was down 2.1 percent. Nonetheless, the second quarter growth was slower than the expected expansion of 2 percent.

Detailed results for the second quarter will be published on August 24.

On a yearly basis, GDP grew by calendar-adjusted 9.2 percent, in contrast to the 3.1 percent drop posted in the first quarter. GDP was forecast to climb 9.6 percent.

Price-adjusted GDP advanced 9.6 percent versus -3.4 percent a quarter ago.

According the latest projections from the International Monetary Fund, the largest euro area economy is set to grow 3.6 percent this year and 4.1 percent in 2022.

GDP was still 3.4 percent lower in the second quarter of 2021 than in the fourth quarter of 2019, the quarter before the coronavirus crisis began, Destatis said.

Eurozone GDP data is due today at 5.00 AM ET. The currency-bloc is forecast to grow 1.5 percent in the second quarter, reversing a 0.3 percent drop in the prior quarter.

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