Quarterly Report Germany II/2021

Recovery falters at start of year. Strong growth expected in second half of the year

In the first quarter 2021 compared to the previous quarter, the real economic output dropped by 1.8 percent. With lockdown measures gradually easing, the German economy should pick up in the second quarter. The Industry has hardly been affected by the third wave of the pandemic. Incoming orders for manufacturing are positive year on year for the second consecutive quarter. Capacity utilisation rates in industry are already higher than before the crisis.