Latest data released by Destatis - 24 August 2021

  • GDP (non-seasonally adjusted) +9.8% vs +9.6% y/y prelim
  • GDP (working day adjusted) +9.4% vs +9.2% y/y prelim

Slight delay in the release by the source. The preliminary report can be found here. A slight upwards revision but nothing that really stands out as it reaffirms a modest bounce back in the German economy in Q2 amid the easing of virus restrictions.

That said, as a reminder, the estimated growth was shallower than anticipated and with supply chain disruptions persisting, the outlook for Q3 may not be all too rosy despite the summer optimism - more so when considering how things may shape up for Q4.