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Press release No.051 / 2009-02-13


First release of data on the economic performance in the 4th quarter of 2008


WIESBADEN – The German economy decreased markedly in the fourth quarter of 2008:  The gross domestic product (GDP) was by 2.1% smaller in the fourth quarter of 2008 on the third quarter upon price, seasonal and calendar adjustment. That was the largest quarter-on-quarter decrease ever recorded in united Germany. Decreasing economic trends were observed already in the previous two quarters when the GDP was down by 0.5% each. Only in the first three months of 2008, the German economy grew (+1.5%).

As further reported by the Federal Statistical Office (Destatis), the price-adjusted GDP was down by 1.6% or, when calendar-adjusted, by 1.7% on the same quarter of the previous year. 

In a seasonally adjusted quarter-on-quarter comparison, a negative influence on the gross domestic product in the fourth quarter of 2008 was exerted especially by fixed capital formation and by the balance of exports and imports because the price-adjusted decrease in German exports was much larger than that of imports. Final consumption expenditure, too, was slightly smaller than in the third quarter, which is mainly due to final consumption expenditure of households. Also, inventories were markedly up in the fourth quarter.

The economic performance in the fourth quarter of 2008 was achieved by 40.8 million persons in employment, which was an increase of 422,000 persons or 1.0% on a year earlier. Hence, the highest employment level since German unification was reached. However, the quarterly employment gains decreased markedly since the beginning of 2008.

In the context of the first calculation of data for the fourth quarter of 2008, the gross domestic product results published so far for the first three quarters of 2008 and for the year of 2008 were revised, too, and corrected where necessary.
The Federal Statistical Office will release more detailed results on 25 February 2009.
 
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 %.
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 108.76 2.1  111.22 1.5  109.29 2.9 –0.8 
2nd quarter 111.47 3.4  110.66–0.5  110.28 2.0  1.4 
3rd quarter 111.58 1.4  110.06–0.5  111.39 0.8  0.6 
4th quarter 108.59–1.6  107.74–2.1  108.73–1.7  0.1 

 
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 %.
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 608.00 3.4  624.66 2.0 
2nd quarter 625.60 4.8  624.69 0.0 
3rd quarter 632.10 2.8  622.96–0.3 
4th quarter 626.30 0.6  615.71–1.2 

 
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 111.22 1.5  111.07 1.4 
2nd quarter 110.66–0.5  110.60–0.4 
3rd quarter 110.06–0.5  110.02–0.5 
4th quarter 107.74–2.1 XX
 Unadjusted figures
2007 108.69 2.5  108.69 2.5 
2008 110.10 1.3 110.081.3
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 108.76 2.1  108.59 1.9 
2nd quarter 111.47 3.4  111.39 3.3 
3rd quarter 111.58 1.4  111.52 1.3 
4th quarter 108.59–1.6 XX


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Version: 2.25.5 / 20.10.2008