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Germany's economy expands less than expected in second quarter - Netscape Money & Business


Germany s economy expands less than expected in second quarter
07/30/2021 8:30
BERLIN (Reuters) - The German economy returned to growth in the second quarter but bounced back less strongly than expected amid supply chain bottlenecks that are hitting industry, data showed on Friday.
Europe s largest economy grew by 1.5% quarter on quarter, compared with a revised contraction of 2.1% in the first quarter, and by 9.2% on the year, the Federal Statistics Office said. A Reuters poll had forecast increases of 2.0% and 9.6% respectively.
Compared with the fourth quarter of 2019, the last pre-pandemic period, gross domestic product (GDP) was still down 3.4%, the Statistics Office said.
Growth is decent, but it could have been stronger if it wasn t for shortages of materials, VP Bank Group Chief Economist Thomas Gitzel said. ....

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