German govt lifts 2021 GDP growth forecast to 3.5%, sees 3.6% in 2022

The German government raised its growth forecast for Europe's largest economy to 3.5% from a previous estimate of 3% as it expects household spending to support the recovery once COVID-19 restrictions are lifted, the economy minister said on Tuesday.

For 2022, the government expects gross domestic product to grow by 3.6%, Peter Altmaier, adding that the economy would reach its pre-pandemic level in 2022 at the latest.