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National accounts, domestic product

IN FOCUS / 2018-01-17

Gross domestic product grew by 2.2% in 2017

The economic situation in Germany was characterised by strong economic growth in 2017. Overall, the gross domestic product increased by 2.2%, which was above the average of the last ten years (1.3%).

Consumption was the main contributor to GDP growth. Household final consumption expenditure rose a price-adjusted 2.0% on the previous year. The increase in government final consumption expenditure was 1.4%.

Gross fixed capital formation increased above average (+3.0%). Gross fixed capital formation in construction was up 2.6%. Gross fixed capital formation in machinery and equipment increased a price-adjusted 3.5% on 2016. Gross fixed capital formation in other fixed assets, which includes expenditure on research and development, was also 3.5% higher than a year earlier. The balance of exports and imports accounted for a much smaller proportion of the German GDP growth (+0.2 percentage points).

On an annual average in 2017, the economic performance in Germany was achieved by just under 44.3 million persons in employment whose place of employment was in Germany. According to first calculations, the number of persons in employment was roughly 638,000, or 1.5%, higher than a year earlier. This was the largest increase since 2007.

© Statistisches Bundesamt (Destatis), 2018

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