Supply chain bottlenecks caused Germany’s economy to bounce back from the COVID-19 pandemic less strongly than expected in the second quarter though it has returned to the growth zone, official data showed 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% 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.
Supply chain worries and rising coronavirus infections have dampened the outlook for the economy. A survey showed Monday that German business morale fell unexpectedly in July, the first decline since January.
After more than two months of steady decline, COVID-19 cases have been rising since early July, due mainly to the spread of the more infectious delta variant.
Roughly 60% of Germany's 83 million people have had the first shot of a COVID-19 vaccine and just over half are fully vaccinated.
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