Germany’s gross domestic product (GDP) adjusted for price, season and calendar declined 0.3% in the fourth quarter of 2021 compared to the previous three-month period, the country's statistical office Destatis said on Friday. The report showed the figure was revised upward by 0.4 percentage points from the preliminary estimate.
The economy contracted due to new coronavirus restrictions imposed over the emergence of the Omicron variant. Household final consumption expenditure fell 1.8% compared to the previous quarter, while government final consumption expenditure rose by 1%. Exports were up 4.8% from the previous quarter and imports jumped 5.1%.
On an annual basis, Europe's largest economy grew by 1.8% on a price-adjusted basis compared to the same quarter in 2020. Adjusted for price and calendar, the German GDP was also up 1.8% year on year.
