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at the end of the crisis, France in the leading group of the euro zone

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In Europe, the return to growth is welcomed with relief. INSEE announced Friday, January 28, GDP growth of 7% in France for the year 2021, unheard of since 1969. The performance of the French economy is thus 0.3 points higher than the advanced estimate. last December by INSEE and the Banque de France.

→ READ. The French economy rebounded by 7% in 2021

With a fourth quarter of 2021 which saw growth of 0.7%, the activity “now clearly exceeds” at the end of the year its pre-health crisis level, underlines INSEE. However, over the whole of 2021, GDP remains “1.6% below its average level in 2019”a sign that 2021 does not fully mark a return to normal for the economy, the first part of the year having been marked by major health restrictions linked to the Covid-19 pandemic.

Germany in trouble

France’s growth in 2021 promises to be one of the strongest in the euro zone. It clearly exceeds that of Germany. Across the Rhine, the results are, despite the context of global recovery, considered very disappointing.

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After two quarters of growth, Germany’s GDP fell by 0.7% in the fourth quarter of 2021, the German institute Destatis announced on Friday January 28. While provisional figures anticipated sluggish growth of 2.7% over the year, growth ultimately came in still below estimates, at 1.4%. The health crisis had caused production to fall by 4.9% in 2020.

Shortages of materials, including semiconductors, have plagued industry, the engine of the German economy. “After returning to growth during the summer, despite growing difficulties with material shortages, the recovery was halted by the fourth wave of coronavirus”, explains Destatis.

Southern Europe bounces back

Growth is noticeably sunnier in southern Europe. In Italy, the Minister of Economy Daniele Franco welcomed Thursday, January 27 a strong increase in GDP on the other side of the Alps. “2021 has been a year of strong recovery. The numbers of 4and quarter are also positive and overall annual growth is expected to approach 6.5%,” explained Daniele Franco. “Growth will be above 4% in 2022”, continued the Minister, estimating that the Boot will return to its pre-crisis level in the first quarter of this year.

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After a fall in GDP of 10.8% last year, Spain is also returning to growth in 2021, with an increase of 5%, according to the Spanish national statistics institute (INE). A mixed result for the government of Prime Minister Pablo Sanchez, 1.5 points below its objectives.

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