Germany GDP contracted -1.7% qoq in Q1, worse than expectation of -1.5% qoq. Comparing to Q1 2020, GDP was down a price-adjusted -3.3%, and a price-and-calendar-adjusted -3.0%. Comparing to pre-pandemic Q4 2019, GDP was down -4.9%.
Destatis said, “the coronavirus crisis caused another decline in economic performance at the beginning of 2021”. And, “this affected household consumption in particular, while exports of goods supported the economy.”
