By 1935 German GDP in real terms had recovered to roughly the same level it had stood at in 1928. This was no doubt a rapid recovery. But it was not vastly superior to the recovery achieved in the United States under a very different policy mix. Nor, in terms of the rate of growth, was it superior to the rebound from the Weimar Republic’s first severe recession over the winter of 1926–7, when the twelve-month growth rate was higher than at any time during the Third Reich.
