The German economy unexpectedly contracted 0.1% on quarter in the second quarter of 2024, reversing from a 0.2% growth in the first three months of the year and compared to forecasts of a 0.1% gain, preliminary estimates showed. There was a particular decline in investments in equipment and buildings as the industrial sector continues to be particularly strained by high interest rates. Year-on-year, the economy also shrank 0.1%, following a downwardly revised 0.1% fall in the previous period, and marking a fifth straight quarter of no growth. The European Commission expects the German economy to grow 0.1% in 2024, rebounding from a 0.3% contraction in 2023 as domestic demand is set to pick up slowly. On the other hand, investment is projected to remain well below pre-pandemic levels, constrained by continued high financing costs and exports are forecast to remain sluggish. source: Federal Statistical Office
The Gross Domestic Product (GDP) in Germany contracted 0.10 percent in the second 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 8.60 percent in the third quarter of 2020 and a record low of -8.90 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 2024.
The Gross Domestic Product (GDP) in Germany contracted 0.10 percent in the second quarter of 2024 over the previous quarter. 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 0.40 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 | ||
|---|---|---|---|---|---|---|---|---|
| -0.10 | 0.20 | 8.60 | -8.90 | 1970 - 2024 | percent | Quarterly | SA |
News Stream
Germany GDP Unexpectedly Shrinks
The German economy unexpectedly contracted 0.1% on quarter in the second quarter of 2024, reversing from a 0.2% growth in the first three months of the year and compared to forecasts of a 0.1% gain, preliminary estimates showed. There was a particular decline in investments in equipment and buildings as the industrial sector continues to be particularly strained by high interest rates. Year-on-year, the economy also shrank 0.1%, following a downwardly revised 0.1% fall in the previous period, and marking a fifth straight quarter of no growth. The European Commission expects the German economy to grow 0.1% in 2024, rebounding from a 0.3% contraction in 2023 as domestic demand is set to pick up slowly. On the other hand, investment is projected to remain well below pre-pandemic levels, constrained by continued high financing costs and exports are forecast to remain sluggish.
2024-07-30
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
