Press release No. 289 of 30 July 2024
Gross domestic product (GDP), 2nd quarter of 2024
-0.1% on the previous quarter (price, seasonally and calendar adjusted)
+0.3% on the same quarter a year earlier (price adjusted)
-0.1% on the same quarter a year earlier (price and calendar adjusted)
WIESBADEN – The gross domestic product (GDP) fell by 0.1% in the second quarter of 2024 compared with the first quarter of 2024 - following adjustment for price, seasonal and calendar variations - after increasing slightly at the start of 2024 (+0.2% in the first quarter of 2024 compared with the fourth quarter of 2023). The Federal Statistical Office (Destatis) also reports that there was a decline, in particular, in gross fixed capital formation in machinery and equipment and in construction, after price, seasonal and calendar adjustment.
Gross domestic product down year on year
GDP in the second quarter of 2024 was up a price adjusted 0.3% compared with the second quarter of 2023. After price and calendar adjustment, GDP was 0.1% lower than in the same quarter of the previous year as there was one additional working day in the second quarter of 2024.
Information on the major revision of national accounts
In addition to the calculation of first data for the second quarter of 2024, all national accounts calculations were thoroughly reviewed and revised as part of the 2024 major revision, methodological changes were implemented and the time series rebased to the reference year of 2020. To avoid breaks in the time series, the results for Germany were revised back as far as 1991. As a result, modified results appear from 1991 onwards. As regards total price-adjusted GDP, the recalculation resulted in new rates of change which are up to 0.4 percentage points (years) or 0.6 percentage points (quarters) higher or lower than the results published previously (see the "Comparison between old and new figures - gross domestic product, price adjusted" table at the end of the press release). The most important adjustments resulting from the 2024 major revision of national accounts are listed on the "Revision of national accounts" (only in German) page on the website of the Federal Statistical Office. As occurs in August each year, new statistical information was incorporated in the calculations of results for the last four years (from 2020) and for the first quarter of 2024.
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. Therefore, the current GDP results are still 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 | 2020 = 100 | % 1 | 2020 = 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 | ||||||||
| 2020 | 3,449.62 | -2.4 | 100.00 | -4.1 | 99.80 | -4.5 | -4.5 | |
| 2021 | 3,673.81 | 6.5 | 103.59 | 3.6 | 103.33 | 3.5 | 3.5 | |
| 2022 | 3,962.15 | 7.8 | 105.30 | 1.7 | 105.13 | 1.7 | 1.7 | |
| 2023 | 4,194.65 | 5.9 | 105.03 | -0.3 | 105.07 | -0.1 | -0.1 | |
| 2020 | 1st qtr | 881.22 | 0.9 | 102.40 | -1.5 | 102.26 | -2.2 | -1.9 |
| 2nd qtr | 794.87 | -8.2 | 91.66 | -10.8 | 93.20 | -8.9 | -10.8 | |
| 3rd qtr | 871.24 | -2.3 | 101.69 | -3.1 | 101.26 | 8.6 | -3.2 | |
| 4th qtr | 902.29 | -0.2 | 104.24 | -1.1 | 102.47 | 1.2 | -2.1 | |
| 2021 | 1st qtr | 884.87 | 0.4 | 101.28 | -1.1 | 101.21 | -1.2 | -0.9 |
| 2nd qtr | 893.95 | 12.5 | 102.39 | 11.7 | 103.74 | 2.5 | 11.3 | |
| 3rd qtr | 931.31 | 6.9 | 104.35 | 2.6 | 103.88 | 0.1 | 2.7 | |
| 4th qtr | 963.68 | 6.8 | 106.33 | 2.0 | 104.50 | 0.6 | 2.0 | |
| 2022 | 1st qtr | 965.21 | 9.1 | 105.34 | 4.0 | 104.94 | 0.4 | 3.7 |
| 2nd qtr | 968.92 | 8.4 | 103.61 | 1.2 | 104.93 | 0.0 | 1.1 | |
| 3rd qtr | 998.17 | 7.2 | 106.03 | 1.6 | 105.60 | 0.6 | 1.7 | |
| 4th qtr | 1,029.85 | 6.9 | 106.23 | -0.1 | 105.04 | -0.5 | 0.5 | |
| 2023 | 1st qtr | 1,035.84 | 7.3 | 105.94 | 0.6 | 105.17 | 0.1 | 0.3 |
| 2nd qtr | 1,026.16 | 5.9 | 103.17 | -0.4 | 105.02 | -0.1 | 0.0 | |
| 3rd qtr | 1,051.66 | 5.4 | 105.24 | -0.7 | 105.24 | 0.2 | -0.3 | |
| 4th qtr | 1,080.99 | 5.0 | 105.76 | -0.4 | 104.83 | -0.4 | -0.2 | |
| 2024 | 1st qtr | 1,067.73 | 3.1 | 105.10 | -0.8 | 105.04 | 0.2 | -0.1 |
| 2nd qtr | 1,070.36 | 4.3 | 103.49 | 0.3 | 104.96 | -0.1 | -0.1 | |
| 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 | ||||||
| 2020 | -4.5 | -4.1 | -4.2 | -3.8 | -0.3 | -0.3 | |
| 2021 | 3.5 | 3.6 | 3.1 | 3.2 | 0.4 | 0.4 | |
| 2022 | 1.7 | 1.7 | 1.9 | 1.8 | -0.2 | -0.1 | |
| 2023 | -0.1 | -0.3 | 0.0 | -0.2 | -0.1 | -0.1 | |
| 2020 | 1st qtr | -2.2 | -1.5 | -1.8 | -1.1 | -0.4 | -0.4 |
| 2nd qtr | -8.9 | -10.8 | -9.2 | -10.7 | 0.3 | -0.1 | |
| 3rd qtr | 8.6 | -3.1 | 8.9 | -2.5 | -0.3 | -0.6 | |
| 4th qtr | 1.2 | -1.1 | 0.8 | -1.2 | 0.4 | 0.1 | |
| 2021 | 1st qtr | -1.2 | -1.1 | -1.3 | -1.7 | 0.1 | 0.6 |
| 2nd qtr | 2.5 | 11.7 | 2.2 | 11.2 | 0.3 | 0.5 | |
| 3rd qtr | 0.1 | 2.6 | 0.7 | 2.4 | -0.6 | 0.2 | |
| 4th qtr | 0.6 | 2.0 | 0.0 | 1.6 | 0.6 | 0.4 | |
| 2022 | 1st qtr | 0.4 | 4.0 | 1.0 | 4.3 | -0.6 | -0.3 |
| 2nd qtr | 0.0 | 1.2 | -0.1 | 1.6 | 0.1 | -0.4 | |
| 3rd qtr | 0.6 | 1.6 | 0.4 | 1.2 | 0.2 | 0.4 | |
| 4th qtr | -0.5 | -0.1 | -0.4 | 0.2 | -0.1 | -0.3 | |
| 2023 | 1st qtr | 0.1 | 0.6 | 0.3 | 0.5 | -0.2 | 0.1 |
| 2nd qtr | -0.1 | -0.4 | -0.1 | -0.3 | 0.0 | -0.1 | |
| 3rd qtr | 0.2 | -0.7 | 0.1 | -0.5 | 0.1 | -0.2 | |
| 4th qtr | -0.4 | -0.4 | -0.5 | -0.4 | 0.1 | 0.0 | |
| 2024 | 1st qtr | 0.2 | -0.8 | 0.2 | -0.9 | 0.0 | 0.1 |
| 2nd qtr | -0.1 | 0.3 | x | x | x | x | |
Further information:
The Federal Statistical Office will release additional information on the 2024 major revision of national accounts and detailed results for the second quarter of 2024 on 27 August 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, the labour market, construction and housing, energy and Ukraine. The portal also contains the interactive Economic Pulse Monitor (Pulsmesser Wirtschaft) (only in German) tool for real-time economic monitoring.
