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German Economy To Grow 3.5% This Year – BDI

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German Economy To Grow 3.5% This Year – BDI
Stock market chart. Photography of monitor screen.

Germany’s economy is set to expand this year on the back of export growth, but the biggest euro area economy will reach pre-crisis level only in the first half of next year, Federation of German Industries/BDI said Tuesday.

The industry body predicted 3.5 percent growth for the German economy this year. GDP shrunk around 5 percent in 2020 as the coronavirus pandemic and subsequent lockdowns hurt economic activity severely.

Exports are expected to grow 6 percent after an 11 percent slump last year.

“A return to the pre-crisis level will therefore not be achieved in the current year,” BDI President Siegfried Russwurm said.

“But there should be a good chance that it will succeed in the first half of 2022.”

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