Germany's economy grew by just 0.6 percent in 2019, the weakest annual expansion since 2013 and well below 1.5 percent in 2018, a preliminary estimate showed. There was a negative contribution from net external demand, as exports rose 0.9 percent (vs 2.1 percent in 2018) and imports increased 1.9 percent (vs 3.6 percent in 2018). Also, changes in inventories subtracted 0.9 percentage points to the GDP growth. Meanwhile, private consumption advanced 1.6 percent (vs 1.3 percent in 2018) and government spending expanded 2.5 percent (vs 1.4 percent in 2018). Fixed investment went up 2.5 percent (vs 3.5 percent in 2018), as construction spending grew sharply (3.8 percent vs 2.5 percent) while investment in equipment, such as machinery, equipment and vehicles, increased at a softer rate (0.4 percent vs 4.4 percent). On the production side, services and construction sectors grew firmly while manufacturing output plummeted 3.6 percent (vs 1.5 percent in 2018). GDP Annual Growth Rate in Germany averaged 1.99 percent from 1971 until 2019, reaching an all time high of 7.20 percent in the first quarter of 1973 and a record low of -6.90 percent in the first quarter of 2009. source: Federal Statistical Office
GDP Annual Growth Rate in Germany is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Germany to stand at 0.70 in 12 months time. In the long-term, the Germany GDP Annual Growth Rate is projected to trend around 1.10 percent in 2020, according to our econometric models.