German GDP Growth Confirmed at 0.1% QoQ


As previously reported, the gross domestic product increased by just 0.1 percent, upon price, seasonal and calendar adjustment, in the first quarter of 2013 compared with the previous quarter.

One of the reasons for this small growth at the beginning of the year, however, was the extremely cold weather. As reported earlier, the German economy had suffered a major setback in the last quarter of 2012 (-0.7 percent). For the entire year of 2012, GDP values did not change as compared with the figures published so far (+0.7 percent; calendar-adjusted +0.9 percent).

In a quarter-on-quarter comparison, positive contributions were made almost only by household final consumption expenditure, which rose by 0.8 percent upon price, seasonal and calendar adjustment. However, they had decreased by 0.3 percent in the last quarter of 2012, according to the most recent calculations. As regards gross fixed capital formation, the negative trend of 2012 continued. Gross fixed capital formation in machinery and equipment was down 0.6 percent on the previous quarter, in construction it fell by 2.1 percent. General government slightly reduced its final consumption expenditure by 0.1 percent. 

The balance of exports and imports had almost no effect on economic growth in the first quarter of 2013 (contribution to growth of +0.1 percentage points). Although imports of goods and services were down 2.1 percent on the last quarter of 2012, exports decreased, too (–1.8 percent).  


German GDP Growth Confirmed at 0.1% QoQ


Destatis | Nuno Fontes | nuno@tradingeconomics.com
5/24/2013 8:52:02 AM