Germany's economy contracted by 0.3% during the first quarter of 2023, as revised from the initial estimate of no growth. This revised figure indicated a second consecutive quarter of economic decline, plunging Europe's largest economy into a recession, due to persistent high price increases and a surge in borrowing costs. Household consumption shrank by 1.2% as consumers reduced spending on various categories such as food & beverages, clothing & footwear, and furnishings. Additionally, there was a decline in the purchase of new cars, potentially influenced by the discontinuation of grants for plug-in hybrids and reduced grants for electric vehicles at the beginning of 2023. Government spending also saw a significant decline of 4.9%, while fixed investment showed a strong rebound of 3.0%, driven by construction and machinery & equipment. Finally, net exports contributed 0.7 percentage points to the GDP as exports increased and imports decreased. source: Federal Statistical Office

GDP Growth Rate in Germany averaged 0.47 percent from 1970 until 2023, reaching an all time high of 9.00 percent in the third quarter of 2020 and a record low of -9.50 percent in the second quarter of 2020. This page provides the latest reported value for - Germany GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Germany GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.

GDP 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. In the long-term, the Germany GDP Growth Rate is projected to trend around 0.50 percent in 2024 and 0.40 percent in 2025, according to our econometric models.

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Germany GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-04-28 08:00 AM QoQ Flash Q1 0% -0.5% 0.2% 0.1%
2023-05-25 06:00 AM QoQ Final Q1 -0.3% -0.5% 0% 0.0%
2023-07-31 08:00 AM QoQ Flash Q2 -0.3% 0.3%


Related Last Previous Unit Reference
GDP Growth Rate -0.30 -0.50 percent Mar 2023
GDP Annual Growth Rate -0.50 0.80 percent Mar 2023
GDP Constant Prices 809.71 812.44 EUR Billion Mar 2023
Gross National Product 1041.85 1022.77 EUR Billion Mar 2023
Gross Fixed Capital Formation 170.16 165.25 EUR Billion Mar 2023
Full Year GDP Growth 1.80 2.60 percent Dec 2022
GDP from Services 146.56 156.86 EUR Billion Mar 2023
GDP from Public Administration 172.50 173.59 EUR Billion Mar 2023
GDP from Manufacturing 195.81 182.94 EUR Billion Mar 2023
GDP from Construction 51.61 62.01 EUR Billion Mar 2023
GDP from Agriculture 10.72 10.18 EUR Billion Mar 2023

Germany GDP Growth Rate
Germany is the fifth largest economy in the world and the largest within the Euro Area. Germany is the second largest exporter in the world and exports account for more than one-third of national output. As such, the export of high added value products has been the main driver of growth in recent years. Composition of the GDP on the expenditure side: household consumption (55 percent), gross capital formation (20 percent, of which 10 percent in construction, 6 percent in machinery and equipment and 4 percent in other products) and government expenditure (19 percent). Exports of goods and services account for 46 percent of GDP while imports for 39 percent, adding 7 percent to total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
-0.30 -0.50 9.00 -9.50 1970 - 2023 percent Quarterly
SA

News Stream
German Economy Enters Recession
Germany's economy contracted by 0.3% during the first quarter of 2023, as revised from the initial estimate of no growth. This revised figure indicated a second consecutive quarter of economic decline, plunging Europe's largest economy into a recession, due to persistent high price increases and a surge in borrowing costs. Household consumption shrank by 1.2% as consumers reduced spending on various categories such as food & beverages, clothing & footwear, and furnishings. Additionally, there was a decline in the purchase of new cars, potentially influenced by the discontinuation of grants for plug-in hybrids and reduced grants for electric vehicles at the beginning of 2023. Government spending also saw a significant decline of 4.9%, while fixed investment showed a strong rebound of 3.0%, driven by construction and machinery & equipment. Finally, net exports contributed 0.7 percentage points to the GDP as exports increased and imports decreased.
2023-05-25
German Economy Stagnates in Q1
Germany's gross domestic product was unchanged in the first quarter of 2023, following a revised 0.5 percent contraction in the previous three-month period and missing market expectations of a 0.2 percent expansion, a preliminary estimate showed. Household consumption and public spending both declined in the beginning of the year as the stubbornly high inflation and higher borrowing costs hit demand in Europe's largest economy. On a brighter note, there were increases in both capital formation and exports. On a yearly basis, the GDP edged down 0.1 percent, the first period of contraction in two years.
2023-04-28
German Economy Contracts More than Expected
The German economy shrank 0.4% on quarter in Q4 2022, much worse than initial estimates of a 0.2% decline, and marking the first GDP contraction in nearly two years. Household spending sank 1%, as high prices and the ongoing energy crisis weighed, and after government relief measures such as the fuel discount and the 9-euro ticket ended. Gross fixed capital formation was down 2.5%, led by falls in construction (-2.9%) and machinery and equipment (-3.6%). On the other hand, net trade made a small positive contribution to GDP growth as exports were down 1% and imports fell 1.3%. The declines were due to a challenging international situation, including ongoing supply chain disruptions, but also to high energy prices, which led to lower trade with chemical products, for example. Also, government consumption edged 0.6% higher. Year-on-year, the economy grew 0.9%, below 1.1% in the first estimate. Considering full 2022, the GDP grew 1.9%.
2023-02-24