Press release No. 173 of 30 April 2024
Gross domestic product (GDP), 1st quarter of 2024
0.2% on the previous quarter (price, seasonally and calendar adjusted)
-0.9% on the same quarter a year earlier (price adjusted)
-0.2% on the same quarter a year earlier (price and calendar adjusted)
WIESBADEN – The gross domestic product (GDP) grew by 0.2% in the first quarter of 2024 compared with the fourth quarter of 2023 - after adjustment for price, seasonal and calendar variations - after falling at the end of 2023 (by a revised -0.5% in the fourth quarter of 2023 compared with the previous quarter; previously: -0.3%). The Federal Statistical Office (Destatis) also reports that the modest growth was due to an increase in gross fixed capital formation in construction and in exports. By contrast, there was a decline in household final consumption expenditure.
Gross domestic product down year on year
GDP in the first quarter of 2024 was down a price adjusted 0.9% compared with the first quarter of 2023. The decrease was smaller (-0.2%) after price and calendar adjustment as there were 1.6 fewer working days than in the same period a year earlier.
Revision of previous results
In addition to calculating data for the first quarter of 2024, as usual the Federal Statistical Office also reviewed the results published earlier for the previous year and included new statistical information in the calculation of the results. This resulted in changes of up to 0.2 percentage points for the quarterly price adjusted GDP data published so far. The latest calculations show that economic performance in 2023 as a whole declined by a price adjusted 0.2% (previously: -0.3%), and economic growth stagnated after adjustment for price and calendar effects (revised: 0.0%, previously: -0.1%). Detailed data on the recalculations 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.
| 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 | ||||||||
| 2023 | 4,126.21 | 6.4 | 108.01 | -0.2 | 108.03 | 0.0 | 0.0 | |
| 2023 | 1st qtr | 1,012.93 | 7.4 | 108.54 | 0.5 | 108.15 | 0.3 | 0.1 |
| 2nd qtr | 1,009.17 | 6.2 | 106.37 | -0.3 | 108.07 | -0.1 | 0.1 | |
| 3rd qtr | 1,037.07 | 6.2 | 108.67 | -0.5 | 108.22 | 0.1 | 0.0 | |
| 4th qtr | 1,067.04 | 6.0 | 108.45 | -0.4 | 107.68 | -0.5 | -0.2 | |
| 2024 | 1st qtr | 1,049.32 | 3.6 | 107.53 | -0.9 | 107.91 | 0.2 | -0.2 |
| 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. unadjusted figures: change on the same quarter of the previous year. qtr = quarter | |||||||
| Change, percent 1 | Percentage points | ||||||
| 2023 | 0.0 | -0.2 | -0.1 | -0.3 | 0.1 | 0.1 | |
| 2023 | 1st qtr | 0.3 | 0.5 | 0.1 | 0.3 | 0.2 | 0.2 |
| 2nd qtr | -0.1 | -0.3 | 0.0 | -0.4 | -0.1 | 0.1 | |
| 3rd qtr | 0.1 | -0.5 | 0.0 | -0.7 | 0.1 | 0.2 | |
| 4th qtr | -0.5 | -0.4 | -0.3 | -0.4 | -0.2 | 0.0 | |
| 2024 | 1st qtr | 0.2 | -0.9 | x | x | x | x |
Further information:
Detailed results for the first quarter of 2024 will be released by the Federal Statistical Office on 24 May 2024.
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 also available 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.
