Germany’s economy expanded by 0.2% quarter-on-quarter in the three months to March 2024, rebounding from a 0.5% contraction in the previous period, in line with preliminary and market estimates. The upturn was mainly driven by a sharp rebound in gross fixed capital formation (1.2% vs -2.1% in Q4), primarily due to a strong increase in investments in construction. Net external demand also contributed positively to the GDP growth, as exports advanced 1.1% (vs -0.9%), while imports rose at a softer 0.6% (vs -1.6%). On the other hand, private consumption and government spending fell 0.4%, respectively. On an annual basis, the economy dropped 0.2%, unchanged from the previous period and entering a technical recession for the first time in over three years. source: Federal Statistical Office
The Gross Domestic Product (GDP) in Germany expanded 0.20 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in Germany averaged 0.47 percent from 1970 until 2024, reaching an all time high of 8.90 percent in the third quarter of 2020 and a record low of -9.20 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 2024.
The Gross Domestic Product (GDP) in Germany expanded 0.20 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in Germany is expected to be 0.10 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 0.40 percent in 2025 and 0.30 percent in 2026, according to our econometric models.
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 | ||
|---|---|---|---|---|---|---|---|---|
| 0.20 | -0.50 | 8.90 | -9.20 | 1970 - 2024 | percent | Quarterly | SA |
News Stream
German Economy Rebounds in Q1
Germany’s economy expanded by 0.2% quarter-on-quarter in the three months to March 2024, rebounding from a 0.5% contraction in the previous period, in line with preliminary and market estimates. The upturn was mainly driven by a sharp rebound in gross fixed capital formation (1.2% vs -2.1% in Q4), primarily due to a strong increase in investments in construction. Net external demand also contributed positively to the GDP growth, as exports advanced 1.1% (vs -0.9%), while imports rose at a softer 0.6% (vs -1.6%). On the other hand, private consumption and government spending fell 0.4%, respectively. On an annual basis, the economy dropped 0.2%, unchanged from the previous period and entering a technical recession for the first time in over three years.
2024-05-24
German Economy Grows More Than Expected
Germany's economy expanded by 0.2% in the first quarter of 2024, above market expectations of a 0.1% increase and after a 0.5% contraction in the previous period, flash estimates showed. The slight growth was driven by increases in construction investments and exports. Private consumer spending, on the other hand, fell. On a year-on-year basis, the economy contracted by 0.2%, entering a technical recession for the first time since 2020-21.
2024-04-30
Germany's Economy Contracts at the End of 2023
Germany contracted by 0.3% in the final quarter of 2023 after two consecutive periods of stagnation, as Europe's largest economy grappled with the impact of rising prices, increased borrowing costs and weak external demand, particularly affecting the manufacturing and construction sectors. Notably, gross fixed capital formation plummeted by 1.9% (vs 0.1% in Q3), primarily due to decreases in investments in construction (-1.7% vs -0.8%) and machinery and equipment (-3.5% vs 1.4%). In addition, inventory changes subtracted 0.1 percentage points from growth. Meanwhile, private consumption rose by 0.2% (vs 0.0% in Q3), and public spending increased by 0.3% (vs 1.1% in Q3). The contribution from net trade remained neutral as both exports and imports declined by 1.6% and 1.7%, respectively. On a year-on-year basis, the economy contracted by 0.2% in the fourth quarter, entering a technical recession for the first time since 2020-21.
2024-02-23
