Press Detailed gross domestic product results for the 2nd quarter of 2016

Press release No. 291 of 24 August 2016

WIESBADEN – Germany's economy has continued to grow, but at a slightly slower pace. As the Federal Statistical Office (Destatis) already reported in its first release of 12 August 2016, the gross domestic product (GDP) increased by 0.4% (after price, seasonal and calendar adjustment) in the second quarter of 2016 compared with the first quarter of 2016. At the beginning of 2016, GDP growth had been strong at 0.7%.

Gross domestic product, price-adjusted, chain-linked
(figures adjusted for seasonal and calendar effects using Census X-12-ARIMA)
Changes on a quarter earlier:
201420152016
1st qtr2nd qtr3rd qtr4th qtr1st qtr2nd qtr3rd qtr4th qtr1st qtr2nd qtr
0.6–0.10.30.80.20.50.20.40.70.4

A quarter-on-quarter comparison following price, seasonal and calendar adjustment shows that, on the use side of the gross domestic product, positive contributions mainly came from the balance of exports and imports. According to provisional calculations, exports of goods and services rose by a total of 1.2% compared with the first quarter of 2016. Imports declined by 0.1% in the same period. Arithmetically, the balance of exports and imports provided the strongest contribution to GDP growth in the reference period, contributing +0.6 percentage points. 

As regards domestic demand, there were mixed signals. The final consumption expenditure of households rose slightly by 0.2% and government final consumption expenditure increased by 0.6% on the previous quarter. Capital formation, however, declined compared with the first quarter. Fixed capital formation in machinery and equipment decreased by 2.4% and in construction by 1.6% on the first quarter of 2016. In addition, inventories were reduced slightly, which had a negative impact on GDP growth, too (–0.1 percentage points). Overall, domestic uses fell slightly compared with the first three months of the year and reduced economic growth by –0.2 percentage points in arithmetical terms. 

The following information refers to the year-on-year comparison:

Economic growth accelerated in a year-on-year comparison. The price-adjusted GDP was up by 3.1% in the second quarter of 2016, which was the largest increase in five years. However, mainly due to the timing of public holidays, there were three more working days in the reference quarter than in the previous year, which produced an exceptionally strong calendar effect. Accordingly, the calendar-adjusted growth rate of the price-adjusted GDP was 1.8% in the second quarter of 2016 and just short of the 1.9% calendar-adjusted growth rate in the first quarter of 2016 (unadjusted: + 1.5%).

Gross domestic product, price-adjusted, chain-linked (unadjusted figures)
Changes on a year earlier:
201420152016
1st qtr2nd qtr3rd qtr4th qtr1st qtr2nd qtr3rd qtr4th qtr1st qtr2nd qtr
2.60.91.21.71.31.81.82.11.53.1

The economic performance in the second quarter of 2016 was achieved by 43.5 million persons in employment whose place of employment was in Germany. This was an increase of 529,000, or 1.2%, on a year earlier (see press release 286/16 of 18 August 2016). 

According to provisional calculations, the overall labour productivity of persons in employment was down by 0.2% on the previous year when measured as the price-adjusted gross domestic product per hour, whereas it increased by 1.9% when calculated per person in employment. 

In a year-on-year comparison, too, foreign trade contributed to economic growth in the second quarter of 2016. In price-adjusted terms, exports of goods and services increased by 4.9% on the previous year. Imports did not rise as strongly (+4.5%) over that period. Arithmetically, the balance of exports and imports contributed +0.6 percentage points to year-on-year GDP growth.

Positive contributions came from domestic demand, too, in the longer year-on-year comparison. Household final consumption expenditure increased by 2.4%, while government final consumption expenditure was up by as much as 3.9%. Capital formation increased, too. Compared with the second quarter of 2015, gross fixed capital formation in machinery and equipment grew by 4.4% (price-adjusted). Gross fixed capital formation in construction was up, too (+5.1%), particularly in dwellings. Only the reduction of inventories slowed Gross domestic product growth (–0.4 percentage points).

On the production side of the gross domestic product, the price-adjusted gross value added was higher in all economic sectors than in the previous year. The highest growth rates were recorded for construction (+5.2%), manufacturing (+4.6%) and business services (+4.5%). On the whole, the price-adjusted gross value added of all economic sectors was up by 3.2% on the second quarter of 2015.

At current prices, the gross domestic product increased by 4.6% and the gross national income by 4.7% in the second quarter of 2016 compared with the second quarter of 2015. Net national income at factor costs rose by a total 5.3%. According to first provisional calculations, the increase was much higher in property and entrepreneurial income (+9.8%) than in compensation of employees (+3.4%). Gross wages and salaries of employees rose by 3.5% and net wages and salaries by 3.7% on the second quarter of 2015. The average wages and salaries per employee did not rise that much (2.1% in gross terms and 2.3% in net terms) because the number of employees was up as well (+1.4%) compared with the same quarter a year earlier. The disposable income of households increased by 3.0%, this rise being slightly higher than that of household final consumption expenditure at current prices (+2.8%). 

As every year in August, the Federal Statistical Office reviewed and revised, where necessary, the results of national accounts published previously for the last four years (from 2012) and the first quarter of 2016 in the context of the first calculation of data for the second quarter of 2016. 

As reported in the first release of 12 August 2016, this resulted in slight corrections of the rates of change of the price-adjusted gross domestic product. Significant corrections were however made regarding individual GDP components. As is usual for seasonally and calendar-adjusted series, modified results may also appear in the whole time series from 1991 onwards.

National accounts data may be accessed via the Destatis website. More detailed results are published in Fachserie 18 "National Accounts", Series 1.2 “Quarterly results“ and Series 1.3 “Seasonally adjusted quarterly results using Census X-12-ARIMA and BV 4.1”. The above and other publications can be downloaded from National accounts. A detailed quality report on national accounts is available at the internet.  

Gross domestic product
 Unadjusted figuresFigures according to
Census X-12-ARIMA
price-adjusted, chain-linked
At current pricesPrice-adjusted, chain-linkedSeasonally and calendar-adjustedcalendar-adjusted
EUR billion% 12010 = 100% 12010 = 100% 2% 1 3
1 Change on the previous year or the same quarter of the preceding year in %.
2 Change on the previous year or quarter in %.
3 As for years, the calendar-adjusted values equal the seasonally and calendar-adjusted values (except for differences due to rounding).
qtr = quarter
20122,758.26 2.0104.17 0.5104.22 0.7 0.7
20132,826.24 2.5104.68 0.5104.84 0.6 0.6
2014 2,923.93 3.5106.35 1.6106.51 1.6 1.6
2015 3,032.82 3.7108.18 1.7108.09 1.5 1.5
20121st qtr682.73 3.0104.40 1.6104.17 0.4 1.1
2nd qtr678.15 1.8103.14 0.4104.26 0.1 0.9
3rd qtr701.30 1.8105.96 0.2104.47 0.2 0.7
4th qtr696.08 1.6103.19–  0.1103.97–  0.5 0.1
20131st qtr685.46 0.4102.87–  1.5103.79–  0.2–  0.3
2nd qtr698.33 3.0104.04 0.9104.74 0.9 0.5
3rd qtr723.16 3.1107.19 1.2105.21 0.4 0.7
4th qtr719.29 3.3104.60 1.4105.60 0.4 1.5
20141st qtr716.38 4.5105.55 2.6106.23 0.6 2.4
2nd qtr718.53 2.9105.02 0.9106.12–  0.1 1.3
3rd qtr744.38 2.9108.43 1.2106.42 0.3 1.1
4th qtr744.64 3.5106.38 1.7107.26 0.8 1.6
20151st qtr739.41 3.2106.89 1.3107.44 0.2 1.2
2nd qtr745.99 3.8106.89 1.8108.00 0.5 1.8
3rd qtr771.66 3.7110.35 1.8108.26 0.2 1.7
4th qtr775.76 4.2108.59 2.1108.65 0.4 1.3
20161st qtr763.18 3.2108.50 1.5109.42 0.7 1.9
2nd qtr780.34 4.6110.22 3.1109.87 0.4 1.8

 

Use of the gross domestic product
Unadjusted figures 
 20122013201420152016
1st qtr2nd qtr
qtr = quarter
At current prices
EUR bn
Consumption expenditure2,057.7422,107.8882,155.4142,219.674 547.386 568.428
Final consumption expenditure of households and NPISHs1,538.0291,565.6561,594.3611,635.974 398.490 419.047
Government final consumption expenditure 519.713 542.232 561.053 583.700 148.896 149.381
Gross capital formation 532.531 549.961 577.789 583.607 157.283 139.775
Gross fixed capital formation (GFCF) 554.746 557.119 585.147 603.820 142.066 160.844
GFCF in machinery and equipment 183.821 180.489 191.461 200.179 47.159 51.513
GFCF in construction 273.006 277.164 288.702 295.021 67.588 81.547
GFCF in other products 97.919 99.466 104.984 108.620 27.319 27.784
Domestic uses2,590.2732,657.8492,733.2032,803.281 704.669 708.203
Exports1,268.3181,284.7441,334.8331,418.789 347.005 367.178
Imports1,100.3311,116.3531,144.1061,189.250 288.494 295.041
Gross domestic product (GDP)2,758.2602,826.2402,923.9303,032.820 763.180 780.340
Price-adjusted, chain-linked
Change on the previous year in %
Consumption expenditure 1.3 0.9 1.0 2.2 2.4 2.8
Final consumption expenditure of households and NPISHs 1.3 0.7 0.9 2.0 1.7 2.4
Government final consumption expenditure 1.1 1.2 1.2 2.7 4.4 3.9
Gross capital formation–  8.2 1.3 3.2–  0.6 1.1 2.9
Gross fixed capital formation (GFCF)–  0.7–  1.1 3.4 1.7 2.9 4.4
GFCF in machinery and equipment–  3.2–  2.1 5.5 3.7 4.0 4.4
GFCF in construction 0.5–  1.1 1.9 0.3 2.4 5.1
GFCF in other products 1.1 0.6 4.0 1.9 2.4 2.7
Domestic uses–  0.8 0.9 1.4 1.6 2.1 2.8
Exports 2.8 1.9 4.1 5.2 1.6 4.9
Imports–  0.1 3.1 4.0 5.5 3.1 4.5
Gross domestic product (GDP) 0.5 0.5 1.6 1.7 1.5 3.1
memorandum item:
GDP per person in employment–  0.7–  0.1 0.8 0.8 0.2 1.9
GDP per hour worked by persons in employment 0.6 0.8 0.4 0.8 1.3–  0.2
Contributions to growth of price-adjusted GDP in percentage points
Consumption expenditure 0.9 0.6 0.7 1.6 1.7 2.0
Final consumption expenditure of households and NPISHs 0.7 0.4 0.5 1.1 0.9 1.3
Government final consumption expenditure 0.2 0.2 0.2 0.5 0.8 0.7
Gross capital formation–  1.7 0.2 0.6–  0.1 0.2 0.5
Gross fixed capital formation (GFCF)–  0.1–  0.2 0.7 0.3 0.5 0.9
GFCF in machinery and equipment–  0.2–  0.1 0.4 0.2 0.2 0.3
GFCF in construction 0.1–  0.1 0.2 0.0 0.2 0.5
GFCF in other products 0.0 0.0 0.1 0.1 0.1 0.1
Changes in inventories and so on–  1.6 0.5–  0.1–  0.5–  0.3–  0.4
Domestic uses–  0.8 0.9 1.3 1.5 2.0 2.6
Balance of exports and imports (net exports) 1.3–  0.4 0.3 0.2–  0.5 0.6

 

 Use of the gross domestic product
Seasonally and calendar-adjusted figures according to Census X-12-ARIMA
  20152016
1st qtr2nd qtr3rd qtr4th qtr1st qtr2nd qtr
1 Only seasonally adjusted.
qtr = quarter
At current prices
EUR bn
Consumption expenditure 547.492 553.510 557.292 561.922 565.300 568.954
Final consumption expenditure of households and NPISHs 404.632 408.338 410.742 412.803 413.851 415.942
Government final consumption expenditure 142.860 145.172 146.550 149.119 151.449 153.012
Gross capital formation 145.249 142.767 144.519 149.021 149.083 147.306
Gross fixed capital formation (GFCF) 149.128 149.619 150.248 153.372 156.378 154.706
GFCF in machinery and equipment 48.655 49.637 49.973 51.099 51.762 50.571
GFCF in construction 73.648 72.958 73.000 74.777 76.782 76.017
GFCF in other products 26.825 27.024 27.275 27.496 27.834 28.118
Domestic uses 692.741 696.277 701.811 710.943 714.383 716.260
Exports 348.900 357.639 356.320 352.562 355.407 358.474
Imports 293.954 297.982 298.534 296.599 295.512 294.707
Gross domestic product (GDP) 747.687 755.934 759.597 766.906 774.278 780.027
Price-adjusted, chain-linked
Change on the previous quarter in %
Consumption expenditure 0.4 0.6 0.6 0.6 0.6 0.3
Final consumption expenditure of households and NPISHs 0.4 0.4 0.6 0.4 0.3 0.2
Government final consumption expenditure 0.4 1.0 0.7 1.2 1.3 0.6
Gross capital formation–  0.0–  2.5 1.4 2.5 0.1–  2.1
Gross fixed capital formation (GFCF) 0.5 0.1 0.1 1.7 1.7–  1.5
GFCF in machinery and equipment–  0.1 1.8 0.4 1.8 1.2–  2.4
GFCF in construction 0.9–  1.3–  0.3 2.0 2.3–  1.6
GFCF in other products 0.8 0.4 0.6 0.4 0.9 0.7
Domestic uses 0.3–  0.0 0.8 1.0 0.5–  0.2
Exports 1.0 1.6–  0.0–  0.7 1.6 1.2
Imports 1.4 0.4 1.1 0.6 1.3–  0.1
Gross domestic product (GDP) 0.2 0.5 0.2 0.4 0.7 0.4
memorandum item:
GDP per person in employment –  0.1 0.2–  0.0 0.0 0.4 0.1
GDP per hour worked by persons in employment 1 0.1 0.4 0.1–  0.3 1.1–  1.1
Contributions to growth of price-adjusted GDP in percentage points
Consumption expenditure 0.3 0.4 0.4 0.4 0.4 0.2
Final consumption expenditure of households and NPISHs 0.2 0.2 0.3 0.2 0.2 0.1
Government final consumption expenditure 0.1 0.2 0.1 0.2 0.3 0.1
Gross capital formation 0.0–  0.5 0.3 0.5 0.0–  0.4
Gross fixed capital formation (GFCF) 0.1 0.0 0.0 0.3 0.3–  0.3
GFCF in machinery and equipment 0.0 0.1 0.0 0.1 0.1–  0.2
GFCF in construction 0.1–  0.1 0.0 0.2 0.2–  0.2
GFCF in other products 0.0 0.0 0.0 0.0 0.0 0.0
Changes in inventories and so on–  0.1–  0.5 0.3 0.1–  0.3–  0.1
Domestic uses 0.3 0.0 0.7 0.9 0.5–  0.2
Balance of exports and imports (net exports)–  0.1 0.6–  0.5–  0.6 0.3 0.6

  

Gross value added by economic sector
 20122013201420152016
1st qtr2nd qtr
qtr = quarter
At current prices
EUR bn
Agriculture, forestry and fishing 19.388 24.005 20.436 17.351 4.267 4.534
Industry, excluding construction 650.111 654.188 685.143 707.459 177.198 184.481
including:
Manufacturing 563.279 572.186 604.487 622.608 154.320 164.190
Construction 110.962 113.247 118.196 124.755 26.547 34.288
Trade, transport, accommodation and food services 386.919 395.395 413.879 430.167 102.888 113.488
Information and communication 116.418 120.539 125.372 131.632 34.256 33.318
Financial and insurance activities 108.418 109.293 109.951 110.930 27.529 27.688
Real estate activities 278.631 286.891 285.979 297.278 77.017 76.367
Business services 264.606 276.838 289.623 303.258 78.704 76.863
Public services, education, health 442.779 459.011 476.643 497.154 128.340 125.865
Other services 100.364 103.221 106.046 109.678 28.115 27.659
Gross value added, total2,478.5962,542.6282,631.2682,729.662 684.861 704.551
Price-adjusted, chain-linked
Change on the previous year in %
Agriculture, forestry and fishing–  0.8 4.0–  12.5–  3.2 1.2 1.4
Industry, excluding construction–  0.3–  0.4 5.0 1.6 0.9 3.9
including:
Manufacturing–  2.2 0.1 5.5 1.3 1.1 4.6
Construction–  1.1–  2.3 1.4–  0.2 1.0 5.2
Trade, transport, accommodation and food services 2.9–  0.7 0.4 1.9 1.2 3.8
Information and communication 4.2 3.8 4.8 2.5 2.4 2.9
Financial and insurance activities 0.9 9.7–  4.8 0.7 1.5 1.8
Real estate activities–  1.9 1.7–  1.5 0.9 0.5 0.8
Business services 1.2 0.5 2.4 2.3 2.3 4.5
Public services, education,health 0.7 0.1 0.7 2.0 1.6 2.4
Other services–  0.5–  1.7–  0.5 0.3 0.2 2.1
Gross value added, total 0.6 0.5 1.5 1.6 1.2 3.2

  

Distribution of gross national income
 20122013201420152016
1st qtr2nd qtr
qtr = quarter
At current prices
EUR bn
Gross national income2,822.9472,893.9302,988.9433,098.834 783.431 783.932
Net national income (factor costs)2,054.5482,107.7672,179.5382,263.202 570.065 571.136
Compensation of employees1,391.2041,430.0401,485.4501,539.852 373.125 390.048
Property and entrepreneurial income 663.344 677.727 694.088 723.350 196.940 181.088
Gross wages and salaries of employees1,133.0201,167.5191,212.9861,260.618 304.988 319.416
Net wages and salaries of employees 756.840 778.429 807.118 836.563 201.837 207.551
memorandum item:
Disposable income of households1,647.6771,672.4781,710.1491,763.082 446.066 450.511
Savings ratio (in %) 9.3 9.0 9.4 9.7 13.0 9.4
Change on the previous year in %
Gross national income 1.9 2.5 3.3 3.7 3.4 4.7
Net national income (factor costs) 1.3 2.6 3.4 3.8 3.3 5.3
Compensation of employees 3.8 2.8 3.9 3.7 4.1 3.4
Property and entrepreneurial income–  3.6 2.2 2.4 4.2 1.9 9.8
Gross wages and salaries of employees 4.1 3.0 3.9 3.9 4.4 3.5
Net wages and salaries of employees 3.8 2.9 3.7 3.6 4.2 3.7
memorandum item:
Disposable income of households 2.4 1.5 2.3 3.1 2.3 3.0

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