The German economy stagnated in the second quarter of 2023 compared to the previous three months, following two consecutive periods of contraction. Household consumption stabilized after a decline in the previous winter half-year, and government spending increased by 0.1 percent, marking the end of a year-long recessionary period. However, the growth in gross fixed capital formation decelerated sharply to 0.4 percent from the first quarter's 1.7 percent, amid cooling investments in both construction (0.2 percent vs. 2.7 percent) and machinery and equipment (0.6 percent vs. 2.1 percent). Inventory changes contributed 0.4 percentage points to GDP growth, while external demand subtracted 0.6 percentage points due to a decline in exports. On a yearly basis, Europe's largest economy contracted by 0.2 percent in the second quarter. source: Federal Statistical Office

GDP Growth Rate in Germany averaged 0.47 percent from 1970 until 2023, 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 August of 2023.

GDP Growth Rate in Germany is expected to be 0.20 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 Reference Actual Previous Consensus TEForecast
2023-07-28 08:00 AM QoQ Flash Q2 0% -0.1% 0.1% 0.3%
2023-08-25 06:00 AM QoQ Final Q2 0% -0.1% 0% 0.0%
2023-10-31 08:00 AM QoQ Flash Q3 0% 0.2%


Related Last Previous Unit Reference
GDP Growth Rate 0.00 -0.10 percent Jun 2023
GDP Annual Growth Rate -0.20 -0.20 percent Jun 2023
GDP Constant Prices 815.40 815.25 EUR Billion Jun 2023
Gross National Product 1070.70 1052.55 EUR Billion Jun 2023
Gross Fixed Capital Formation 166.59 165.97 EUR Billion Jun 2023
Full Year GDP Growth 1.80 2.60 percent Dec 2022
GDP from Services 156.16 144.82 EUR Billion Jun 2023
GDP from Public Administration 164.41 173.05 EUR Billion Jun 2023
GDP from Manufacturing 196.56 195.49 EUR Billion Jun 2023
GDP from Construction 58.84 48.67 EUR Billion Jun 2023
GDP from Agriculture 7.36 7.90 EUR Billion Jun 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
0.00 -0.10 8.90 -9.20 1970 - 2023 percent Quarterly
SA

News Stream
German Economy Stagnates in Q2 After Recession
The German economy stagnated in the second quarter of 2023 compared to the previous three months, following two consecutive periods of contraction. Household consumption stabilized after a decline in the previous winter half-year, and government spending increased by 0.1 percent, marking the end of a year-long recessionary period. However, the growth in gross fixed capital formation decelerated sharply to 0.4 percent from the first quarter's 1.7 percent, amid cooling investments in both construction (0.2 percent vs. 2.7 percent) and machinery and equipment (0.6 percent vs. 2.1 percent). Inventory changes contributed 0.4 percentage points to GDP growth, while external demand subtracted 0.6 percentage points due to a decline in exports. On a yearly basis, Europe's largest economy contracted by 0.2 percent in the second quarter.
2023-08-25
German Economy Stalls in Q2
The German GDP stalled in the second quarter on 2023, below forecasts of a 0.1% growth, and after a contraction in each of the previous two quarters that pushed the economy into a technical recession. Household expenditure stabilised after the weak winter half-year, according to flash estimates. Figures for Q1 were revised higher to -0.1% from -0.3% and for Q4 2022 to -0.4% from -0.5%. Compared to the same quarter of the previous year, the GDP shrank 0.2%. In June, the Bundesbank expected the German economy to "rise slightly" in Q2, while forecasting a 0.3% fall for full 2023 followed by growth of 1.2% in 2024 and 1.3% in 2025. Meanwhile, the IMF also sees the GDP contracting 0.3% this year, more than a 0.1% fall seen in April, as the manufacturing sector remains weak.
2023-07-28
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