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German GDP fell 1.7%

May, 03 2021
watermark Economic news

According to the Federal Statistical Office of Germany, the country's GDP contracted in the first quarter by 1.7% in quarterly terms and by 3% in annual terms. At the same time, Germany's GDP in the third quarter of last year grew by 8.7%, and in the fourth quarter –  by 0.5%.

The weakening of the largest economy in Europe pulled down the entire economy of the eurozone countries: according to preliminary data, the total GDP of the eurozone countries fell by 0.6% in the first quarter.

Experts note that the new restrictions introduced in Germany during the third wave of the coronavirus pandemic have negatively affected the country's economy. First of all, consumer demand has been hit hard by the restrictions. Moreover, the head of the Dusseldorf Chamber of Commerce (CCI) Gregor Berghausen noted that the German economy loses more than 5 billion euros a year due to sanctions against Russia.

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