## Germany: 2021 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Germany

_IMF Staff Country Reports, July 15, 2021_

## Source details

**Canonical URL:** [Germany: 2021 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Germany](https://www.imf.org/en/publications/cr/issues/2021/07/14/germany-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-462176)

## Other formats

- [Markdown version](/en/publications/cr/issues/2021/07/14/germany-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-462176/index.md)
- [Structured JSON version](/en/publications/cr/issues/2021/07/14/germany-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-462176/index.json)
- [Bundle manifest](/en/publications/cr/issues/2021/07/14/germany-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-462176/bundle-manifest.json)

## Bibliographic details
- Published: July 15, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513594439.002

---

### Overview
- Germany’s economy contracted by just under 5 percent in 2020, outperforming most European peers.
- Renewed waves of infections and associated lockdowns caused economic activity to plunge again in the first quarter of this year.
- The pace of mass vaccination has picked up and the economy has started to reopen.
- The recovery path is beset with risks, particularly with respect to the progress of the pandemic and supply shortages in major industries.
- The authorities have maintained appropriately accommodative fiscal and financial policies.
- Most measures supporting households and firms have been extended through 2021.

### Major findings and risks
- Growth and pandemic impact:
  - Contraction in 2020: just under 5 percent.
  - Further plunge in economic activity in Q1 (first quarter) of this year due to renewed infections and lockdowns.
  - Recovery underway as vaccinations pick up and reopening proceeds.
- Key risks to the recovery:
  - Progress of the pandemic.
  - Supply shortages in major industries.

### Policy stance and measures
- Fiscal and financial policy:
  - Authorities maintained appropriately accommodative fiscal and financial policies.
  - Most measures supporting households and firms were extended through 2021.

---

## Content in this bundle

- **1deuea2021002**
  - [1deuea2021002 (Markdown version)](/-/media/files/publications/cr/2021/english/1deuea2021002.pdf.md){rel="alternate" type="text/markdown"}
  - [1deuea2021002 (PDF)](/-/media/files/publications/cr/2021/english/1deuea2021002.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2021/07/14/germany-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-462176_