Latest data released by Destatis - 30 July 2021

  • Prior -1.8%; revised to -2.1%
  • GDP (non-seasonally adjusted) +9.6% y/y
  • Prior -3.4%
  • GDP (working day adjusted) +9.2% y/y
  • Prior -3.1%

The headline reading misses on estimates but at least it reaffirms a modest bounce back in the German economy after a subdued Q1. That said, amid supply chain disruptions still widespread globally, that might pose a challenge for Germany in Q3.

The negative revision to Q1 doesn't help in the context of the overall picture as the economy is still 3.4% below pre-pandemic levels at this stage.