Press release No. 465 of 24 November 2020
Gross domestic product, 3rd quarter of 2020
+8.5% on the previous quarter (price-, seasonally and calendar-adjusted)
-3.9% on the same quarter a year earlier (price-adjusted)
-4.0% on the same quarter a year earlier (price- and calendar-adjusted)
WIESBADEN – The gross domestic product (GDP) rose by 8.5% in the third quarter of 2020 compared with the second quarter of 2020 after adjustment for price, seasonal and calendar variations. Thus, the German economy could offset a large part of the massive decline in the gross domestic product recorded in the second quarter of 2020 due to the coronavirus pandemic. However, the price-, seasonally and calendar-adjusted GDP was still 4.0% lower in the third quarter of 2020 thanin the fourth quarter of 2019, that is the quarter before the global coronavirus crisis. The Federal Statistical Office (Destatis) reports that the increase of the gross domestic product in the third quarter of 2020 was slightly stronger than reported in the first release of 30 October 2020 (+8.2%).
| 2019 | 2020 | |||||
|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr |
| 0.6 | -0.5 | 0.3 | 0.0 | -1.9 | -9.8 | 8.5 |
Catch-up effects regarding consumption, capital formation in machinery and equipment and foreign trade
Due to the massive decline observed in almost all use areas in the second quarter of 2020, two-digit growth rates were recorded in the price-, seasonally and calendar-adjusted results of the third quarter of 2020 in some areas. Increasing by 10.8% on the previous quarter, final consumption expenditure of households contributed especially to growth in the third quarter of 2020. General government final consumption expenditure again rose by 0.8% on the preceding quarter, after a 2.2% increase in the second quarter. General government consumption thus stabilised economic growth during the first three quarters of the year. Gross fixed capital formation in machinery and equipment was up 16.0%. However, gross fixed capital formation in construction did not contribute to growth; it rather declined by 2.0% on the previous quarter.
An increase was also recorded in trade with foreign countries. In the third quarter of 2020, exports of goods and services were up 18.1% compared with the second quarter of 2020, after price-, seasonal- and calendar-adjustment. Imports also rose markedly by 9.1%.
Catch-up effects regarding gross value added in almost all economic sectors
After a massive drop in the second quarter of 2020, price-, seasonally and calendar-adjusted gross value added increased again markedly in the third quarter of 2020 compared with the previous quarter. Above-average increases in gross value added were recorded for manufacturing (+14.0%), trade, transport, accommodation and food services (+13.8%) and public services, education, health (+9.5%). In the third quarter of 2020, gross value added dropped only in construction by 4.7%, quarter on quarter.
Gross domestic product markedly down year on year
The gross domestic product in the third quarter of 2020 was down a price-adjusted 3.9% on the third quarter of 2019 (price- and calendar-adjusted: -4.0%).
| 2019 | 2020 | |||||
|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr |
| 1.0 | -0.3 | 1.2 | 0.2 | -1.7 | -11.3 | -3.9 |
Domestic and foreign demand substantially below previous year’s level
Domestic demand continued to be far lower than in the previous year. Household final consumption expenditure declined by 3.7% and gross fixed capital formation in machinery and equipment by 9.8% on the third quarter of 2019. Gross fixed capital formation in construction and capital formation in other fixed assets, which includes expenditure on research and development, were also down (-0.7% each). Only government final consumption expenditure was up 4.3% compared with the third quarter of 2019. Domestic uses as a whole declined by 3.9% on a year earlier.
Foreign demand, too, was far lower than over the same period a year earlier. Exports of goods and services fell by a price-adjusted 9.1% in the third quarter of 2020 year on year. Imports declined by 9.8% in the same period.
Gross value added markedly down in all economic sectors compared with a year earlier
On the production side of the gross domestic product, price-adjusted gross value added was lower in all economic sectors in the third quarter of 2020 compared with a year earlier. The largest decline was recorded in manufacturing with a 10.8% drop in gross value added. A substantial decline was also observed in business services (-8.4%), trade, transport, accommodation and food services (-3.4%) and construction (-2.6%). Total gross value added was down 4.5% year on year.
Employment continues to decline
The coronavirus crisis also has a considerable effect on the labour market. The economic performance in the third quarter of 2020 was achieved by roughly 44.7 million persons in employment whose place of employment was in Germany. This was a decrease of 654,000, or 1.4%, on a year earlier (see press release no. 457/20 of 17 November 2020). A similar decline had been recorded in the second quarter of 2020 (-1.3%). Before that, the number of persons in employment last declined in the first quarter of 2010 due to the financial and economic crisis. It should be noted that short-time work does not affect the employment figures because short-time workers still count as persons in employment.
However, short-time work in the third quarter of 2020 had a substantial effect on the average number of hours worked per person in employment. The latter decreased markedly by 2.6% compared with a year earlier, according to first provisional calculations of the Institute for Employment Research of the Federal Employment Agency. The labour volume of the overall economy, which is the total number of hours worked by all persons in employment, declined even more sharply by 4.0% over the same period.
Overall labour productivity (price-adjusted GDP per hour worked by persons in employment) rose slightly by 0.1% on the same quarter of the previous year, according to provisional calculations. However, labour productivity per person in employment was down 2.5% compared with the third quarter of 2019.
Stable incomes and consumer reticence lead to increase of savings ratio
At current prices, both the GDP and the gross national income were down 3.1% in the third quarter of 2020 compared with a year earlier. The decline in the net national income at factor cost was slightly less pronounced (-2.8%). According to first provisional calculations, the compensation of employees was down by just 0.7% year on year, while property and entrepreneurial income fell sharply by 7.8%. On average, gross wages and salaries per employee fell by 0.4%, while net wages and salaries rose slightly by 0.5%. The disposable income of households was somewhat higher (+0.7%) in the third quarter than a year earlier. Household final consumption expenditure at current prices, however, showed a decrease of 4.0%. As in the previous quarter, the relatively stable incomes, on the one hand, and consumer reticence, on the other, resulted in a substantial rise in household saving. According to provisional calculations, the savings ratio was 13.5% in the third quarter of 2020.
International and European comparison
A European comparison shows that many Member States of the European Union (EU) recorded a stronger growth on the previous quarter than Germany in the third quarter of 2020, while their economic downturn had also been greater in the second quarter. The largest quarter-on-quarter rise of the gross domestic product after adjustment for price-, seasonal and calendar variations was recorded in France (+18.2%). Comparable catch-up effects can be observed in Italy (+16.1%) and Spain (+16.7%). Based on provisional calculations, Eurostat reported that GDP growth in the EU as a whole amounted to 11.6% compared with the previous quarter. The United States also recorded a large increase of their gross domestic product (+7.4%, converted figure) on the second quarter of 2020. GDP growth as published by the People's Republic of China amounted to 2.7% in the third quarter.
However, the gross domestic product was down from the previous year also in most other countries in the third quarter of 2020. Spain recorded the largest year-on-year decline (-8.7%) of all the EU Member States for which data is already available. According to the latest figures, the economies of France (-4.3%) and Italy (-4.7%) also shrank considerably. For the whole EU, Eurostat released a preliminary result of -4.3% for the third quarter of 2020. The United States also recorded a strong decline of their gross domestic product (-2.9%, converted figure) compared with the third quarter of 2019. In contrast, year-on-year GDP growth as published by the People's Republic of China amounted to 4.9% in the third quarter.
| USA | China | EU | France | Italy | Spain | Germany | |
|---|---|---|---|---|---|---|---|
| Change on the previous quarter (seasonally and calendar adjusted) | 7.4 | 2.7 | 11.6 | 18.2 | 16.1 | 16.7 | 8.5 |
| Percentage change on the previous year | -2.9 | 4.9 | -4.3 | -4.3 | -4.7 | -8.7 | -3.9 |
For a detailed comparison of the EU Member States’ growth rates please refer to our web page “Europe in figures”.
Revision of previous results and methodological notes
Starting with the 2nd quarter of 2020, the Federal Statistical Office released the GDP for the first time as early as 30 days after the end of the quarter, that is, about two weeks earlier than in the past. The earlier availability of the results, however, requires a higher proportion of estimates. In addition, the greater uncertainties caused by the coronavirus pandemic may lead to larger revisions than usual. In addition to calculating the detailed results, the Federal Statistical Office also revised the gross domestic product figures for the third quarter of 2020. Taking into account the statistical information that became available after the first release of 30 October 2020, this resulted in an upwards revision of the gross domestic product by 0.3 percentage points after price, seasonal and calendar adjustment and by 0.2% after price adjustment.
| Unadjusted figures | Figures according to X13 price-adjusted | |||||||
|---|---|---|---|---|---|---|---|---|
| At current prices | Price-adjusted | Seasonally and calendar-adjusted | Calendar- adjusted | |||||
| EUR billion | % 1 | 2015 = 100 | % 1 | 2015 = 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 | ||||||||
| 2018 | 3,356.41 | 3.0 | 106.22 | 1.3 | 106.36 | 1.3 | 1.3 | |
| 2019 | 3,449.05 | 2.8 | 106.81 | 0.6 | 106.99 | 0.6 | 0.6 | |
| 2018 | 1st qtr | 821.15 | 3.0 | 105.26 | 1.5 | 106.07 | -0.2 | 2.2 |
| 2nd qtr | 831.07 | 4.0 | 105.67 | 2.4 | 106.57 | 0.5 | 2.0 | |
| 3rd qtr | 839.80 | 2.2 | 106.42 | 0.7 | 106.22 | -0.3 | 0.7 | |
| 4th qtr | 864.39 | 2.7 | 107.54 | 0.5 | 106.58 | 0.3 | 0.3 | |
| 2019 | 1st qtr | 845.82 | 3.0 | 106.36 | 1.0 | 107.23 | 0.6 | 1.1 |
| 2nd qtr | 846.94 | 1.9 | 105.36 | -0.3 | 106.69 | -0.5 | 0.1 | |
| 3rd qtr | 870.15 | 3.6 | 107.74 | 1.2 | 107.02 | 0.3 | 0.7 | |
| 4th qtr | 886.14 | 2.5 | 107.79 | 0.2 | 107.00 | 0.0 | 0.4 | |
| 2020 | 1st qtr | 851.81 | 0.7 | 104.56 | -1.7 | 104.97 | -1.9 | -2.1 |
| 2nd qtr | 768.77 | -9.2 | 93.47 | -11.3 | 94.69 | -9.8 | -11.3 | |
| 3rd qtr | 842.97 | -3.1 | 103.52 | -3.9 | 102.72 | 8.5 | -4.0 | |
| 2019 | 2020 | |||||
|---|---|---|---|---|---|---|
| year | 3rd qtr | 4 th qtr | 1st qtr | 2nd qtr | 3rd qtr | |
| At current prices EUR bn | ||||||
| Consumption expenditure | 2,511.407 | 633.049 | 653.305 | 616.168 | 580.895 | 624.242 |
| Final consumption expenditure of households and NPISHs | 1,806.871 | 459.460 | 462.820 | 436.433 | 396.532 | 440.853 |
| Government final consumption expenditure | 704.536 | 173.589 | 190.485 | 179.735 | 184.363 | 183.389 |
| Gross capital formation | 737.712 | 190.266 | 183.541 | 183.431 | 156.426 | 168.048 |
| Gross fixed capital formation (GFCF) | 747.986 | 192.392 | 195.246 | 174.989 | 179.615 | 187.351 |
| GFCF in construction | 373.695 | 101.239 | 91.498 | 92.423 | 100.618 | 100.995 |
| GFCF in machinery and equipment | 240.139 | 58.298 | 65.945 | 51.279 | 46.683 | 53.287 |
| GFCF in other products | 134.152 | 32.855 | 37.803 | 31.287 | 32.314 | 33.069 |
| Domestic uses | 3,249.119 | 823.315 | 836.846 | 799.599 | 737.321 | 792.290 |
| Exports | 1,617.360 | 405.139 | 406.556 | 394.051 | 309.214 | 365.033 |
| Imports | 1,417.429 | 358.304 | 357.262 | 341.840 | 277.765 | 314.353 |
| Gross domestic product (GDP) | 3,449.050 | 870.150 | 886.140 | 851.810 | 768.770 | 842.970 |
| Price-adjusted, change on the same quarter of the preceding year in % | ||||||
| Consumption expenditure | 1.9 | 2.6 | 1.6 | -0.2 | -8.0 | -1.5 |
| Final consumption expenditure of households and NPISHs | 1.6 | 2.2 | 1.0 | -1.4 | -13.0 | -3.7 |
| Government final consumption expenditure | 2.7 | 3.6 | 3.2 | 2.9 | 4.8 | 4.3 |
| Gross capital formation | -0.9 | -4.5 | -4.5 | -3.2 | -9.2 | -12.1 |
| Gross fixed capital formation (GFCF) | 2.5 | 3.2 | 0.4 | -0.2 | -7.0 | -3.4 |
| GFCF in construction | 3.8 | 4.1 | 2.2 | 6.1 | 1.3 | -0.7 |
| GFCF in machinery and equipment | 0.5 | 1.7 | -2.7 | -9.2 | -23.6 | -9.8 |
| GFCF in other products | 2.7 | 2.9 | 2.6 | -1.1 | -1.4 | -0.7 |
| Domestic uses | 1.2 | 0.9 | 0.2 | -0.9 | -8.3 | -3.9 |
| Exports | 1.0 | 2.7 | 0.8 | -3.2 | -22.4 | -9.1 |
| Imports | 2.6 | 2.0 | 0.9 | -1.6 | -17.2 | -9.8 |
| Gross domestic product (GDP) | 0.6 | 1.2 | 0.2 | -1.7 | -11.3 | -3.9 |
| memorandum item: | ||||||
| GDP per person in employment | -0.3 | 0.5 | -0.4 | -2.0 | -10.1 | -2.5 |
| GDP per hour worked by persons in employment | 0.0 | 0.1 | 0.5 | -0.1 | -2.6 | 0.1 |
| Contributions to growth of price-adjusted GDP in % points | ||||||
| Consumption expenditure | 1.4 | 1.9 | 1.2 | -0.1 | -5.9 | -1.1 |
| Final consumption expenditure of households and NPISHs | 0.8 | 1.2 | 0.5 | -0.7 | -6.8 | -2.0 |
| Government final consumption expenditure | 0.5 | 0.7 | 0.7 | 0.6 | 1.0 | 0.9 |
| Gross capital formation | -0.2 | -1.0 | -1.0 | -0.7 | -1.9 | -2.7 |
| Gross fixed capital formation (GFCF) | 0.5 | 0.7 | 0.1 | 0.0 | -1.6 | -0.8 |
| GFCF in construction | 0.4 | 0.5 | 0.2 | 0.6 | 0.2 | -0.1 |
| GFCF in machinery and equipment | 0.0 | 0.1 | -0.2 | -0.6 | -1.7 | -0.7 |
| GFCF in other products | 0.1 | 0.1 | 0.1 | 0.0 | -0.1 | 0.0 |
| Changes in inventories and so on | -0.7 | -1.7 | -1.1 | -0.7 | -0.4 | -1.9 |
| Domestic uses | 1.2 | 0.9 | 0.2 | -0.8 | -7.8 | -3.7 |
| Balance of exports and imports (net exports) | -0.6 | 0.4 | 0.0 | -0.9 | -3.5 | -0.2 |
| 2019 | 2020 | ||||
|---|---|---|---|---|---|
| 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr | |
| 1 Only seasonally adjusted. qtr = quarter | |||||
| At current prices EUR bn | |||||
| Consumption expenditure | 631.622 | 634.858 | 629.089 | 587.492 | 623.064 |
| Final consumption expenditure of households and NPISHs | 453.873 | 455.441 | 446.512 | 398.693 | 435.453 |
| Government final consumption expenditure | 177.749 | 179.417 | 182.577 | 188.799 | 187.611 |
| Gross capital formation | 181.363 | 185.146 | 183.951 | 163.247 | 160.347 |
| Gross fixed capital formation (GFCF) | 188.201 | 188.882 | 189.119 | 177.320 | 182.557 |
| GFCF in construction | 94.007 | 95.146 | 100.781 | 96.891 | 93.545 |
| GFCF in machinery and equipment | 60.414 | 59.452 | 55.388 | 47.155 | 54.997 |
| GFCF in other products | 33.780 | 34.284 | 32.950 | 33.274 | 34.015 |
| Domestic uses | 812.985 | 820.004 | 813.040 | 750.739 | 783.411 |
| Exports | 407.128 | 407.369 | 393.057 | 310.606 | 365.861 |
| Imports | 353.618 | 355.038 | 345.967 | 281.558 | 310.586 |
| Gross domestic product (GDP) | 866.495 | 872.335 | 860.130 | 779.787 | 838.686 |
| Price-adjusted, change on the previous quarter in % | |||||
| Consumption expenditure | 0.6 | 0.1 | -1.4 | -7.3 | 7.6 |
| Final consumption expenditure of households and NPISHs | 0.3 | 0.1 | -2.3 | -11.1 | 10.8 |
| Government final consumption expenditure | 1.4 | 0.3 | 0.8 | 2.2 | 0.8 |
| Gross capital formation | -3.4 | 0.7 | -0.5 | -7.1 | -5.4 |
| Gross fixed capital formation (GFCF) | -0.1 | -0.2 | -0.4 | -6.6 | 3.6 |
| GFCF in construction | 0.3 | 0.4 | 5.1 | -4.3 | -2.0 |
| GFCF in machinery and equipment | -1.4 | -2.0 | -7.0 | -15.1 | 16.0 |
| GFCF in other products | 1.2 | 1.1 | -4.1 | 0.6 | 1.9 |
| Domestic uses | -0.3 | 0.3 | -1.2 | -7.2 | 4.7 |
| Exports | 1.3 | -0.3 | -3.3 | -20.5 | 18.1 |
| Imports | 0.0 | 0.3 | -1.9 | -15.9 | 9.1 |
| Gross domestic product (GDP) | 0.3 | 0.0 | -1.9 | -9.8 | 8.5 |
| memorandum item: | |||||
| GDP per person in employment | 0.2 | -0.1 | -1.9 | -8.5 | 8.6 |
| GDP per hour worked by persons in employment 1 | -0.2 | 0.6 | -0.6 | -2.6 | 2.8 |
| Contributions to growth of price-adjusted GDP in % points | |||||
| Consumption expenditure | 0.4 | 0.1 | -1.0 | -5.4 | 5.8 |
| Final consumption expenditure of households and NPISHs | 0.1 | 0.0 | -1.2 | -5.8 | 5.6 |
| Government final consumption expenditure | 0.3 | 0.1 | 0.2 | 0.5 | 0.2 |
| Gross capital formation | -0.7 | 0.2 | -0.1 | -1.5 | -1.2 |
| Gross fixed capital formation (GFCF) | 0.0 | -0.1 | -0.1 | -1.5 | 0.8 |
| GFCF in construction | 0.0 | 0.1 | 0.6 | -0.5 | -0.2 |
| GFCF in machinery and equipment | -0.1 | -0.1 | -0.5 | -1.0 | 1.0 |
| GFCF in other products | 0.1 | 0.0 | -0.2 | 0.0 | 0.1 |
| Changes in inventories and so on | -0.7 | 0.2 | 0.0 | -0.1 | -2.0 |
| Domestic uses | -0.3 | 0.2 | -1.1 | -6.9 | 4.6 |
| Balance of exports and imports (net exports) | 0.6 | -0.3 | -0.8 | -2.9 | 3.9 |
| 2019 | 2020 | |||||
|---|---|---|---|---|---|---|
| year | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr | |
| At current prices EUR bn | ||||||
| Agriculture, forestry and fishing | 24.896 | 6.527 | 5.840 | 5.780 | 5.858 | 5.264 |
| Industry, excluding construction | 754.225 | 186.808 | 189.727 | 183.505 | 150.305 | 169.958 |
| including: | ||||||
| Manufacturing | 659.182 | 165.392 | 164.579 | 157.402 | 128.865 | 148.028 |
| Construction | 166.800 | 44.316 | 47.853 | 38.631 | 44.711 | 45.980 |
| Trade, transport, accommodation and food services | 500.832 | 127.638 | 128.398 | 118.281 | 108.999 | 125.326 |
| Information and communication | 153.183 | 39.169 | 39.500 | 39.729 | 35.555 | 39.976 |
| Financial and insurance activities | 116.895 | 29.299 | 29.256 | 29.207 | 29.004 | 29.107 |
| Real estate activities | 327.248 | 82.720 | 82.240 | 83.682 | 81.740 | 84.967 |
| Business services | 361.305 | 92.760 | 92.018 | 90.367 | 75.394 | 86.406 |
| Public services, education, health | 581.558 | 144.193 | 154.504 | 149.259 | 136.316 | 148.866 |
| Other services | 119.215 | 30.379 | 30.144 | 29.723 | 23.918 | 29.239 |
| Gross value added, total | 3,106.157 | 783.809 | 799.480 | 768.164 | 691.800 | 765.089 |
| Price-adjusted, change on the same quarter of the preceding year in % | ||||||
| Agriculture, forestry and fishing | 3.7 | 4.6 | 3.4 | 0.1 | -0.9 | -0.8 |
| Industry, excluding construction | -3.6 | -2.9 | -4.3 | -5.9 | -21.2 | -10.3 |
| including: | ||||||
| Manufacturing | -3.5 | -2.2 | -4.5 | -6.1 | -22.6 | -10.8 |
| Construction | 3.5 | 4.7 | 1.4 | 7.0 | 2.7 | -2.6 |
| Trade, transport, accommodation and food services | 2.1 | 3.4 | 1.7 | -0.2 | -14.5 | -3.4 |
| Information and communication | 3.8 | 4.2 | 2.8 | 0.8 | -2.8 | -0.8 |
| Financial and insurance activities | 2.0 | 3.6 | 1.9 | 0.9 | -0.5 | -1.0 |
| Real estate activities | 1.0 | 1.2 | 1.5 | 0.8 | -1.3 | -0.7 |
| Business services | 0.9 | 1.0 | 0.7 | -1.7 | -13.5 | -8.4 |
| Public services, education, health | 1.6 | 1.9 | 1.5 | 0.0 | -8.3 | -0.1 |
| Other services | 1.1 | 1.6 | 0.7 | -2.3 | -20.3 | -6.3 |
| Gross value added, total | 0.4 | 1.1 | 0.0 | -1.4 | -11.6 | -4.5 |
| 2019 | 2020 | |||||
|---|---|---|---|---|---|---|
| year | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr | |
| Agriculture, forestry and fishing | 6.291 | 6.096 | 5.924 | 5.695 | 5.069 | 6.291 |
| Industry, excluding construction | 188.039 | 189.429 | 182.356 | 151.660 | 170.808 | 188.039 |
| Manufacturing | 164.828 | 165.129 | 158.68 | 128.928 | 147.003 | 164.828 |
| Construction | 42.350 | 43.184 | 45.997 | 45.023 | 43.779 | 42.350 |
| Trade, transport, accommodation and food services | 126.118 | 126.489 | 124.630 | 106.793 | 123.676 | 126.118 |
| Information and communication | 38.572 | 39.172 | 38.571 | 37.634 | 39.387 | 38.572 |
| Financial and insurance activities | 29.338 | 29.292 | 29.168 | 29.003 | 29.144 | 29.338 |
| Real estate activities | 82.082 | 83.022 | 83.069 | 82.246 | 84.343 | 82.082 |
| Business services | 90.629 | 91.335 | 89.445 | 78.777 | 84.410 | 90.629 |
| Public services, education, health | 146.268 | 148.295 | 148.841 | 140.755 | 150.926 | 146.268 |
| Other services | 29.934 | 30.089 | 29.468 | 24.559 | 28.810 | 29.934 |
| Gross value added, total | 779.621 | 786.403 | 777.469 | 702.145 | 760.352 | 779.621 |
| Agriculture, forestry and fishing | 0.6 | 0.3 | -1.5 | -0.4 | 0.8 | 0.6 |
| Industry, excluding construction | -0.8 | -0.4 | -3.8 | -16.8 | 12.3 | -0.8 |
| Manufacturing | -0.7 | -0.8 | -3.8 | -18.3 | 14.0 | -0.7 |
| Construction | 1.0 | 0.1 | 4.8 | -3.1 | -4.7 | 1.0 |
| Trade, transport, accommodation and food services | 0.7 | 0.0 | -1.2 | -14.2 | 13.8 | 0.7 |
| Information and communication | 1.1 | 0.7 | -1.7 | -3.0 | 3.3 | 1.1 |
| Financial and insurance activities | 0.7 | -0.5 | -0.5 | -0.2 | 0.2 | 0.7 |
| Real estate activities | 0.3 | 0.4 | 0.0 | -2.0 | 0.9 | 0.3 |
| Business services | 0.2 | 0.1 | -1.9 | -12.0 | 6.1 | 0.2 |
| Public services, education, health | 0.6 | 0.3 | -0.9 | -8.2 | 9.5 | 0.6 |
| Other services | 0.1 | -0.1 | -2.7 | -18.1 | 17.8 | 0.1 |
| Gross value added, total | 0.2 | 0.0 | -1.5 | -10.4 | 8.0 | 0.2 |
| 2019 | 2020 | |||||
|---|---|---|---|---|---|---|
| year | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr | |
| At current prices EUR bn | ||||||
| Gross national income | 3,542.818 | 895.133 | 917.979 | 879.092 | 781.853 | 867.201 |
| Net national income (factor costs) | 2,564.131 | 648.848 | 672.117 | 634.814 | 561.699 | 630.480 |
| Compensation of employees | 1,845.938 | 457.625 | 504.284 | 445.142 | 437.215 | 454.215 |
| Property and entrepreneurial income | 718.193 | 191.223 | 167.833 | 189.672 | 124.484 | 176.265 |
| Gross wages and salaries of employees | 1,521.633 | 378.137 | 416.612 | 365.742 | 355.403 | 372.916 |
| Net wages and salaries of employees | 1,020.306 | 259.149 | 278.439 | 246.079 | 234.568 | 257.899 |
| memorandum item: | ||||||
| Disposable income of households | 1,969.815 | 491.940 | 497.123 | 508.101 | 481.971 | 495.570 |
| Savings ratio (in %) | 10.9 | 9.2 | 9.7 | 16.4 | 20.1 | 13.5 |
| Price-adjusted, change on the same quarter of the preceding year in % | ||||||
| Gross national income | 2.8 | 3.5 | 2.3 | 0.8 | -8.8 | -3.1 |
| Net national income (factor costs) | 2.2 | 3.1 | 1.7 | 1.0 | -8.6 | -2.8 |
| Compensation of employees | 4.2 | 4.5 | 3.5 | 3.0 | -3.2 | -0.7 |
| Property and entrepreneurial income | -2.7 | 0.1 | -3.4 | -3.4 | -23.5 | -7.8 |
| Gross wages and salaries of employees | 4.1 | 4.5 | 3.3 | 2.9 | -4.3 | -1.4 |
| Net wages and salaries of employees | 4.6 | 5.1 | 3.6 | 3.0 | -3.8 | -0.5 |
| memorandum item: | ||||||
| Disposable income of households | 3.0 | 3.7 | 2.6 | 2.7 | -0.9 | 0.7 |
Visualised national accounts
The gross domestic product also forms part of the “Crisis Monitor“ (www.destatis.de/krisenmonitor), by means of which the Federal Statistical Office compares the development of major short-term indicators in the corona crisis and the financial and economic crisis of 2008/2009. The Crisis Monitor complements the „Corona statistics“ (www.destatis.de/corona), which has provided statistical information on the economic and social consequences of the corona pandemic. Visualised updated results are also available in our interactive national accounts dashboard (www.destatis.de/ vgr-dashboard).
More information
More information on the quality of the GDP early estimate and on why the Federal Statistical Office for the first time released the more rapid calculation of the GDP just now during the coronavirus pandemic is given in our podcast at www.destatis.de --> Themen --> Wirtschaft --> Volkswirtschaftliche-Gesamtrechnungen-Inlandsprodukt --> Aktuelles. For an English-language text version please go to www.destatis.de --> Themes --> Economy --> National accounts, domestic product --> Current news.
More detailed results have been published in Fachserie 18 “National Accounts“, Series 1.2 “Quarterly results“ and Series 1.3„Seasonally adjusted quarterly results using X13“.
A long time series containing quarterly results of the gross domestic product since the first quarter of 1970 is available here.
The above and other current national accounting results are available in the GENESIS-Online database. (81000)
