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Press release No.423 / 2008-11-13


First release of data on the economic performance in the 3rd quarter of 2008


WIESBADEN – The declining trend of the German economy which had become apparent continued in the third quarter of 2008: As reported by the Federal Statistical Office (Destatis), the gross domestic product (GDP) was down by 0.5% in the third quarter on the second quarter of 2008 upon price, seasonal and calendar adjustment. In the first quarter of 2008, the economic performance was up 1.4%, while it was down by 0.4% in the second quarter. The GDP measures the value of the economic performance in the domestic territory.
 
The price-adjusted GDP climbed 1.3% and the calendar-adjusted GDP 0.8% in the third quarter of 2008 compared with the same quarter a year earlier. This rather significant difference was due to the fact that the reference quarter had one more working day compared to the third quarter of 2007.
 
The quarter-on-quarter comparison of price, seasonally and calendar adjusted data revealed positive contributions to growth in the third quarter of 2008, mainly due to a slight increase in the final consumption expenditure of households and government and to increasing inventories. As imports recorded a considerable increase and exports saw a decline, the balance of exports and imports had a negative impact on the development of the gross domestic product.
 
The economic performance in the third quarter of 2008 was achieved by 40.5 million persons in employment, which was an increase of 582,000 persons or 1.5% on a year earlier.
 
In addition to the first calculation of data for the third quarter of 2008, the results of the gross domestic product published so far for the first two quarters of 2008 were revised by up to +0.2 percentage points.
 
The Federal Statistical Office will release more detailed results on 25 November 2008.

>>> brief methodological description
Gross domestic product
Price-adjusted, chain-linked
 Unadjusted figuresFigures according to Census X-12-ARIMA
Seasonally and calendar adjustedCalendar adjustedCalendar effect
2000 = 100% 1)2000 = 100% 2)2000 = 100% 1)% 1)
1) Change on the same quarter of the preceding year in %.
2) Change on the previous quarter in %.
20061st quarter 103.02 3.6  104.29 0.8  102.38 2.3  1.3 
2nd quarter 105.22 1.7  105.85 1.5  105.47 3.0 –1.3 
3rd quarter 107.49 2.8  106.59 0.7  107.86 3.2 –0.4 
4th quarter 108.60 3.8  107.71 1.1  108.72 4.1 –0.3 
20071st quarter 106.56 3.4  108.15 0.4  106.21 3.7 –0.3 
2nd quarter 107.84 2.5  108.53 0.4  108.15 2.5 –0.0 
3rd quarter 110.06 2.4  109.18 0.6  110.49 2.4 –0.0 
4th quarter 110.31 1.6  109.55 0.3  110.56 1.7 –0.1 
20081st quarter 108.59 1.9  111.07 1.4  109.12 2.7 –0.8 
2nd quarter 111.39 3.3  110.60–0.4  110.20 1.9  1.4 
3rd quarter 111.52 1.3  110.02–0.5  111.33 0.8  0.6 


 
Gross domestic product at current prices
 Unadjusted figuresSeasonally and calendar adjusted figures according to
Census X-12-ARIMA
EUR billionChange in % 1)EUR billionChange in % 2)
1) Change on the same quarter of the preceding year in %.
2) Change on the previous quarter in %.
20061st quarter 559.00 3.9  568.77 0.8 
2nd quarter 571.40 2.3  578.45 1.7 
3rd quarter 589.20 3.4  583.75 0.9 
4th quarter 601.90 4.4  591.11 1.3 
20071st quarter 588.20 5.2  599.86 1.5 
2nd quarter 596.80 4.4  604.30 0.7 
3rd quarter 615.10 4.4  609.66 0.9 
4th quarter 622.80 3.5  612.67 0.5 
20081st quarter 606.70 3.1  623.46 1.8 
2nd quarter 623.70 4.5  622.91–0.1 
3rd quarter 631.80 2.7  622.77–0.0 

Gross domestic product
Price-adjusted, chain-linked
 New resultFormer result
Chain index (2000 = 100)Change
in % 1)		Chain index (2000 = 100)Change
in % 1)
1) Seasonally and calendar adjusted figures: Change on the previous quarter in %; Unadjusted figures: Change on the previous year or the same quarter of the preceding year in %.
Seasonally and calendar adjusted figures according to Census X-12-ARIMA
20071st quarter 108.15 0.4  108.15 0.4 
2nd quarter 108.53 0.4  108.53 0.4 
3rd quarter 109.18 0.6  109.18 0.6 
4th quarter 109.55 0.3  109.55 0.3 
20081st quarter 111.07 1.4  110.94 1.3 
2nd quarter 110.60–0.4  110.39–0.5 
3rd quarter 110.02–0.5 XX
Unadjusted figures
2007 108.69 2.5  108.69 2.5 
20071st quarter 106.56 3.4  106.56 3.4 
2nd quarter 107.84 2.5  107.84 2.5 
3rd quarter 110.06 2.4  110.06 2.4 
4th quarter 110.31 1.6  110.31 1.6 
20081st quarter 108.59 1.9  108.46 1.8 
2nd quarter 111.39 3.3  111.18 3.1 
3rd quarter 111.52 1.3 XX


For further information please contact:
National accounts info team,
tel: (+49-611) 75-2626,



 




For more details please refer to the German version.


Publisher:
© Federal Statistical Office of Germany
Press Office
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fax: (+49-611)75-3976
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Version: 2.25.5 / 20.10.2008