Download a sample report now. GDP was down a price-adjusted 11.3% in the 2nd quarter of 2020 (also calendar-adjusted) on a year earlier. The German economy contracted by a record 9.7% in the second quarter as consumer spending, company investments and exports all collapsed at the height of the COVID-19 pandemic. In the 1st quarter of 2020, at the beginning of the coronavirus crisis, exports had already dropped by 3.3% and imports by 1.9%. Only final consumption expenditure of general government had a stabilising effect; it was 1.5% higher than in the previous quarter and prevented an even larger GDP decrease. +8.2% on the previous quarter (price-, seasonally and calendar-adjusted) Germany GDP (Gross Domestic Product) was INT$3,735.39billion for 2019 in PPP terms. | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Economy records sharpest contraction on record in Q2, Germany: Harmonized prices post largest fall since January 2015 in September, Germany: Merchandise exports grow at a slower pace in September, Germany: Industrial output growth accelerates in September, Germany: Private-sector operating conditions improve at a slightly softer pace in October, Germany: Business confidence falls in October. This was the largest decline since the beginning of quarterly GDP calculations for Germany in 1970. The Crisis Monitor complements the „Corona statistics“ (www.destatis.de/corona), which has provided statistical information on the economic and social consequences of the corona pandemic since early April. Overall labour productivity (price- adjusted GDP per hour worked by persons in employment) fell 1.5% compared with the same quarter of the previous year, according to provisional calculations. Gross wages and salaries of employees decreased by 4.8% from the 2nd quarter of 2019, net wages and salaries by 4.3%. Fixed investment also contracted at a quicker rate of 7.9% in Q2 from the 0.5% contraction in Q1. unadjusted figures: change on previous year's quarter. Phone: Again, such large decreases had not been observed even during the financial and economic crisis of 2008/2009. Markets both in the US and Europe saw a solid start to the week. Detailed information can be found in our data privacy statement: Privacy Policy. Home > News > The greater uncertainties caused by the coronavirus pandemic may lead to larger revisions than usual. In the long-term, the Germany GDP is projected to trend around 3700.00 USD Billion in 2021 and 4000.00 USD Billion in 2022, according to our econometric models. The latter decreased extraordinarily by 8.8% compared with the previous year, according to first provisional calculations of the Institute for Employment Research of the Federal Employment Agency. In the case of seasonally and calender-adjusted values as well as of chain indices (due to changing the reference year 2015), there have also been slight changes in the time series from 1991 onwards. 2 Min Read. The gross domestic product (GDP) fell a price-, seasonally and calendar-adjusted 10.1% on the first quarter of 2020. My Cart According to first provisional calculations, the compensation of employees was down by just 3.6% year on year, while property and entrepreneurial income fell sharply by 17.6% because of the production restrictions. See here for a complete list of exchanges and delays. Strongest decline in employment since German reunification. … Detailed information can be found in our data privacy statement: Privacy Policy, Fachserie 18 “National Accounts“, Series 1.2, Series 1.3„Seasonally adjusted quarterly results using X13, Final consumption expenditure of households and, Price-adjusted, change on the same quarter of the preceding year in %, Contributions to growth of price-adjusted, Balance of exports and imports (net exports), Price-adjusted, change on the previous quarter in %, Trade, transport, accommodation and food services, Price-adjusted, change on the same quarter of the preceding year in %. GDP Growth Rate in Germany averaged 0.47 percent from 1970 until 2020, reaching an all time high of … +49 (0) 611/75 26 26, Statistisches Bundesamt (81000), Phone: Visualised updated results are also available in our interactive national accounts dashboard (only in german). This resulted in changes of up to 0.4 percentage points of the gross domestic product data published so far. Gustav-Stresemann-Ring 11 Growth was based on higher final consumption expenditure of households, higher capital formation in machinery and equipment and a sharp increase in exports. Google+, Facebook Household spending fell a staggering 10.9% in the second quarter, which was below the first quarter's 2.5% contraction, as the full force of containment measures enacted in March was felt. In the 2nd quarter of 2020, exports of goods and services dropped by 20.3% on the 1st quarter 2020 after price, seasonal and calendar adjustment. The last decline in the number of persons in employment was recorded during the financial and economic crisis in the 1st quarter of 2010. According to the Federal Statistical Office (Destatis), the GDP drop in the 2nd quarter of 2020 was not quite as steep as reported in the first release of 30 July 2020 (-10.1%). The Federal Statistical Office (Destatis) also reports that in the second quarter of 2020 a massive slump was recorded for exports and imports of goods and services as well as for household final consumption expenditure and capital formation in machinery and equipment. Q2's reading marked the worst since current records began in 1970, and meant the economy entered recession for the first time since 2013. Household final consumption expenditure recorded a price-adjusted double-digit decline of 13.0% on a year earlier. The trade with foreign countries also slumped. WIESBADEN – The gross domestic product (GDP) rose by 8.2% in the third quarter of 2020 on the second quarter of 2020 after adjustment for price, seasonal and calendar variations. -11.3% on the same quarter a year earlier (price and calendar-adjusted). GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. More detailed results have been published in Fachserie 18 “National Accounts“, Series 1.2 “Quarterly results“ and Series 1.3„Seasonally adjusted quarterly results using X13“. Our Standards: The Thomson Reuters Trust Principles. Economic activity should recover in the second half of the year due to the easing of restrictive measures, as evidenced by available data for Q3.