According to date released today by Destatis, gross domestic product growth rate in Q2 2021 increased by 1.6 percent on quarterly basis. On annual basis this growth was 9.8 percent. GDP reached 3,368 trillion euro and GDP per capita was registered as 10,494 euro.

In Q2, final consumption expenditure increased by 5.3, gross capital formation by 11.8, domestic uses by 6.7, imports by 20.1 and exports by 26.5 percent.

It is observed that foreign trade activities made the biggest contribution to the gross domestic product in the largest economy of the Eurozone in this period. Afterwards, direct investments had a significant contribution compared to the pandemic period. However, it is worth adding that the strong base effect is also an important factor that comes into play in this period.

Considering the data; although the base effect, which will be effective in the third quarter, will be clearly felt in the gross domestic product on an annual basis, a slowdown may be observed on a quarterly basis due to the negative impact of the delta variant on investments and consumption behavior.