Latest data released by Destatis - 30 April 2021

  • Prior +0.3%
  • GDP (non-seasonally adjusted) -3.3% vs -3.6% y/y expected
  • Prior -2.7%
  • GDP (working day adjusted) -3.0% vs -3.2% y/y expected
  • Prior -3.7%

The readings are more or less within estimates as German economic activity contracted once again in Q1, though the resilience of the manufacturing sector has certainly helped to offset a chunk of the slump amid lockdown measures to start the year.

The details reveal that Q1 GDP was some 4.9% lower than levels seen in Q4 2019.