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%.
2014 | 2015 | 2016 | |||||||
---|---|---|---|---|---|---|---|---|---|
1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr |
0.6 | –0.1 | 0.3 | 0.8 | 0.2 | 0.5 | 0.2 | 0.4 | 0.7 | 0.4 |
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%).
2014 | 2015 | 2016 | |||||||
---|---|---|---|---|---|---|---|---|---|
1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr |
2.6 | 0.9 | 1.2 | 1.7 | 1.3 | 1.8 | 1.8 | 2.1 | 1.5 | 3.1 |
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.
Unadjusted figures | Figures according to Census X-12-ARIMA price-adjusted, chain-linked | |||||||
---|---|---|---|---|---|---|---|---|
At current prices | Price-adjusted, chain-linked | Seasonally and calendar-adjusted | calendar-adjusted | |||||
EUR billion | % 1 | 2010 = 100 | % 1 | 2010 = 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 | ||||||||
2012 | 2,758.26 | 2.0 | 104.17 | 0.5 | 104.22 | 0.7 | 0.7 | |
2013 | 2,826.24 | 2.5 | 104.68 | 0.5 | 104.84 | 0.6 | 0.6 | |
2014 | 2,923.93 | 3.5 | 106.35 | 1.6 | 106.51 | 1.6 | 1.6 | |
2015 | 3,032.82 | 3.7 | 108.18 | 1.7 | 108.09 | 1.5 | 1.5 | |
2012 | 1st qtr | 682.73 | 3.0 | 104.40 | 1.6 | 104.17 | 0.4 | 1.1 |
2nd qtr | 678.15 | 1.8 | 103.14 | 0.4 | 104.26 | 0.1 | 0.9 | |
3rd qtr | 701.30 | 1.8 | 105.96 | 0.2 | 104.47 | 0.2 | 0.7 | |
4th qtr | 696.08 | 1.6 | 103.19 | – 0.1 | 103.97 | – 0.5 | 0.1 | |
2013 | 1st qtr | 685.46 | 0.4 | 102.87 | – 1.5 | 103.79 | – 0.2 | – 0.3 |
2nd qtr | 698.33 | 3.0 | 104.04 | 0.9 | 104.74 | 0.9 | 0.5 | |
3rd qtr | 723.16 | 3.1 | 107.19 | 1.2 | 105.21 | 0.4 | 0.7 | |
4th qtr | 719.29 | 3.3 | 104.60 | 1.4 | 105.60 | 0.4 | 1.5 | |
2014 | 1st qtr | 716.38 | 4.5 | 105.55 | 2.6 | 106.23 | 0.6 | 2.4 |
2nd qtr | 718.53 | 2.9 | 105.02 | 0.9 | 106.12 | – 0.1 | 1.3 | |
3rd qtr | 744.38 | 2.9 | 108.43 | 1.2 | 106.42 | 0.3 | 1.1 | |
4th qtr | 744.64 | 3.5 | 106.38 | 1.7 | 107.26 | 0.8 | 1.6 | |
2015 | 1st qtr | 739.41 | 3.2 | 106.89 | 1.3 | 107.44 | 0.2 | 1.2 |
2nd qtr | 745.99 | 3.8 | 106.89 | 1.8 | 108.00 | 0.5 | 1.8 | |
3rd qtr | 771.66 | 3.7 | 110.35 | 1.8 | 108.26 | 0.2 | 1.7 | |
4th qtr | 775.76 | 4.2 | 108.59 | 2.1 | 108.65 | 0.4 | 1.3 | |
2016 | 1st qtr | 763.18 | 3.2 | 108.50 | 1.5 | 109.42 | 0.7 | 1.9 |
2nd qtr | 780.34 | 4.6 | 110.22 | 3.1 | 109.87 | 0.4 | 1.8 |
2012 | 2013 | 2014 | 2015 | 2016 | ||
---|---|---|---|---|---|---|
1st qtr | 2nd qtr | |||||
qtr = quarter | ||||||
At current prices | ||||||
EUR bn | ||||||
Consumption expenditure | 2,057.742 | 2,107.888 | 2,155.414 | 2,219.674 | 547.386 | 568.428 |
Final consumption expenditure of households and NPISHs | 1,538.029 | 1,565.656 | 1,594.361 | 1,635.974 | 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 uses | 2,590.273 | 2,657.849 | 2,733.203 | 2,803.281 | 704.669 | 708.203 |
Exports | 1,268.318 | 1,284.744 | 1,334.833 | 1,418.789 | 347.005 | 367.178 |
Imports | 1,100.331 | 1,116.353 | 1,144.106 | 1,189.250 | 288.494 | 295.041 |
Gross domestic product (GDP) | 2,758.260 | 2,826.240 | 2,923.930 | 3,032.820 | 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 |
2015 | 2016 | |||||
---|---|---|---|---|---|---|
1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd 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 |
2012 | 2013 | 2014 | 2015 | 2016 | ||
---|---|---|---|---|---|---|
1st qtr | 2nd 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, total | 2,478.596 | 2,542.628 | 2,631.268 | 2,729.662 | 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 |
2012 | 2013 | 2014 | 2015 | 2016 | ||
---|---|---|---|---|---|---|
1st qtr | 2nd qtr | |||||
qtr = quarter | ||||||
At current prices | ||||||
EUR bn | ||||||
Gross national income | 2,822.947 | 2,893.930 | 2,988.943 | 3,098.834 | 783.431 | 783.932 |
Net national income (factor costs) | 2,054.548 | 2,107.767 | 2,179.538 | 2,263.202 | 570.065 | 571.136 |
Compensation of employees | 1,391.204 | 1,430.040 | 1,485.450 | 1,539.852 | 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 employees | 1,133.020 | 1,167.519 | 1,212.986 | 1,260.618 | 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 households | 1,647.677 | 1,672.478 | 1,710.149 | 1,763.082 | 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 |