Economic recovery continues in Q3 2021

Consumption again on upswing; recovery in foreign trade continues

Private and public consumption contributed significantly to the upswing. Private household consumption was 4.2% higher in real terms than in Q3 2020. As in the previous quarter, consumption of services (+7.4% y-o-y in real terms) proved to be the main growth driver. Government consumption rose by 6.9% in real terms compared with the same quarter of the previous year.

Concerning gross fixed capital formation, machinery once again increased strongly (+11.6% in real terms compared with the same quarter of the previous year). Overall, capital formation recorded an increase of 7.5% (in real terms compared to the same quarter of the previous year). This development was also reflected in foreign trade. Imports of goods and services rose by 12.9% in real terms compared with Q3 2021, while exports increased by 11.7%.

Accommodation and food services on growth path; arts and entertainment with slight decline

The summer months were marked by economic recovery. Nearly all industries recorded significant growth compared with the same quarter of the previous year, which was also a period without lockdowns. Growth was particularly strong in transport (+13.3% in real terms), professional and support services (+10.3% in real terms) as well as accommodation and food services (+7.2% in real terms). Accommodation and food services was the only industry that could not reach the pre-crisis level. Value added was 88.5% of the Q3 2019 level. 

Trade remained on the recovery path after the temporary end of the lockdown and grew by 3.5% in real terms compared with the same quarter of the previous year. It also significantly exceeded the pre-crisis level and recorded a value added of 104.4% measured by value added in Q3 2019. Manufacturing had already entered a recovery phase at the beginning of the year and remained on the growth path with 7.2% increase (in volume terms) compared to the same quarter of the previous year.

Only arts and entertainment as well as other service activities failed to match the strong upturn seen in Q2 2021. In these industries, a slight real decline of 1.9% was recorded compared to the 3rd quarter of 2020.

Employment and hours worked increased again

Recovery on the labour market continued. Compared with the previous quarter, employment figures rose by 1.4% (seasonally and working-day adjusted). Compared with the 3rd quarter of 2020, this corresponds to an increase of 2.8%. This means that employment figures were already 1.7% above the pre-crisis level (Q3 2019). The economic upturn can also be clearly seen in the development of working hours. Compared to the previous quarter, they were 1.4% higher (seasonally and working day adjusted), and 3.8% higher compared to the 3rd quarter of 2020.  

Total wages and salaries were 5.0% (current prices) above the Q2 2021 level. An increase was also observed compared to Q3 2020 (+8.1% in current prices).