Press release No. 420 of 30 October 2023
Gross domestic product (GDP), 3rd quarter of 2023
-0.1% on the previous quarter (price, seasonally and calendar adjusted)
-0.8% on the same quarter a year earlier (price adjusted)
-0.3% on the same quarter a year earlier (price and calendar adjusted)
WIESBADEN – The gross domestic product (GDP) fell slightly by 0.1% in the third quarter of 2023 compared with the second quarter of 2023 after adjustment for price, seasonal and calendar variations. In the second quarter of 2023, economic performance had increased slightly (+0.1%, revised), after stagnating in the first quarter of 2023 (revised).The Federal Statistical Office (Destatis) also reports that household final consumption expenditure, in particular, was lower. Positive contributions, by contrast, came from gross fixed capital formation in machinery and equipment.
Gross domestic product down year on year
GDP in the third quarter of 2023 was down a price adjusted 0.8% compared with the third quarter of 2022. The decrease was smaller (-0.3%) after price and calendar adjustment as there was one working day less than in the same period a year earlier.
Revision of previous results
In addition to calculating first data for the third quarter of 2023, as usual the Federal Statistical Office also reviewed the results published earlier for the previous quarters and included new statistical information in the calculations for the first and second quarter of 2023. This resulted in changes of up to 0.2 percentage points for the price adjusted GDP data published so far. Detailed recalculation data are shown in the table comparing old and new figures at the end of this press release.
Methodological notes
The differing comparative periods must be taken into account in all press releases on short-term indicators. Short-term economic monitoring focuses on comparisons of seasonally and calendar adjusted figures with those of the previous month or quarter. These reflect short-term economic trends. Year-on-year comparisons enable long-term comparisons of levels and are hardly influenced by seasonal fluctuations. The results of month-on-month, quarter-on-quarter and year-on-year comparisons may differ considerably in the years of the Covid-19 crisis and due to the war in Ukraine. In addition, the current GDP results still are subject to greater uncertainties than usual. This applies in particular to the price, seasonally and calendar adjusted quarterly data.
| Unadjusted figures | Figures according to X13 price adjusted | |||||||
|---|---|---|---|---|---|---|---|---|
| At current prices | Price adjusted, chain-linked | Seasonally and calendar adjusted | Calendar adjusted | |||||
| EUR billion | % 1 | 2015 = 100 | % 1 | 2015 = 100 | % 2 | % 1 3 | ||
| 1 Change on the previous year or on the same quarter of the previous year in % 2 Change on the previous year or on the previous quarter in %. 3 For full years, the calendar adjusted values are equal to the seasonally and calendar adjusted values (except for rounding discrepancies) qtr = quarter | ||||||||
| 2022 | 3,876.81 | 7.2 | 108.22 | 1.8 | 108.03 | 1.9 | 1.9 | |
2022 | 1st qtr | 943.34 | 9.1 | 108.03 | 4.3 | 108.05 | 1.0 | 4.0 |
| 2nd qtr | 950.28 | 7.7 | 106.73 | 1.6 | 107.91 | -0.1 | 1.5 | |
| 3rd qtr | 976,58 | 5.8 | 109.21 | 1.2 | 108.30 | 0.4 | 1.3 | |
| 4th qtr | 1,006.61 | 6.2 | 108.90 | 0.2 | 107.86 | -0.4 | 0.8 | |
2023 | 1st qtr | 1,006.54 | 6.7 | 108.21 | 0.2 | 107.83 | 0.0 | -0.2 |
| 2nd qtr | 1,010.22 | 6.3 | 106.27 | -0.4 | 107.98 | 0.1 | 0.0 | |
| 3rd qtr | 1,035.47 | 6.0 | 108.34 | -0.8 | 107.90 | -0.1 | -0.3 | |
| New result | Previous result | Difference | |||||
|---|---|---|---|---|---|---|---|
| Figures adjusted for seasonal and calendar effects using X13 | Unadjusted figures | Figures adjusted for seasonal and calendar effects using X13 | Unadjusted figures | Figures adjusted for seasonal and calendar effects using X13 | Unadjusted figures | ||
1 Seasonally and calendar adjusted figures: change on the previous year or on the previous quarter; qtr = quarter | |||||||
| Change, percent 1 | Percentage points | ||||||
2023 | 1st qtr | 0.0 | 0.2 | -0.1 | 0.1 | 0.1 | 0.1 |
| 2nd qtr | 0.1 | -0.4 | 0.0 | -0.6 | 0.1 | 0.2 | |
| 3rd qtr | -0.1 | -0.8 | x | x | x | x | |
More information
Detailed results for the third quarter of 2023 will be released by the Federal Statistical Office on 24 November 2023.
A long time series containing quarterly results on the gross domestic product since the first quarter of 1970 is available in the “Volkswirtschaftliche Gesamtrechnungen” (only in German) statistical report.
GDP data are available also on Dashboard Germany at (www.dashboard-deutschland.de) (only in German). This data portal of the Federal Statistical Office combines up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, health and mobility. The portal also contains the Economic Pulse Monitor (Pulsmesser Wirtschaft) (only in German) tool for real-time economic monitoring.
