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Press release 062 / 2014-02-25: Detailed gross domestic product results for the 4th quarter of 2013

WIESBADEN – The German economy continued to grow moderately at the end of the year. As the Federal Statistical Office (Destatis) already reported in its first release of 14 February 2014, the gross domestic product (GDP) increased by 0.4% – upon price, seasonal and calendar adjustment – in the fourth quarter of 2013 compared with the third quarter of 2013. In the second and third quarters of 2013, too, the German economy had grown (by 0.7% and 0.3%, respectively), after a stagnation at the beginning of the year. Regarding the year 2013 as a whole, the increase amounted to 0.4% (calendar-adjusted: +0.5%). This is in line with the results of the first calculations of January 2014.

Gross domestic product, price-adjusted, chain-linked
(figures adjusted for seasonal and calendar effects using Census X-12-ARIMA)
Changes on a quarter earlier (in percent):
20122013 
1st quarter2nd quarter3rd quarter4th quarter1st quarter2nd quarter3rd quarter4th quarter
+0.7–0.1+0.2–0.5+0.0+0.7+0.3+0.4

In a quarter-on-quarter comparison (upon price, seasonal and calendar adjustment), positive contributions were made mainly by foreign trade. According to provisional calculations, exports increased more considerably than imports. Compared with the third quarter of 2013, exports of goods and services were up 2.6%. Imports increased by not more than 0.6% in the same period. Consequently, the balance of exports and imports contributed 1.1 percentage points to GDP growth and was thus the key economic engine in the period under review.

As regards domestic demand, different developments were reported. Gross fixed capital formation both in machinery and equipment and in construction rose markedly compared with the third quarter of 2013 (+1.4% each). However, inventories declined considerably, which slowed down economic growth (–0.8 percentage points). Final consumption expenditure changed only marginally. While government final consumption expenditure remained unchanged at the level of the previous quarter, household final consumption expenditure was slightly lower (–0.1%).

The following information refers to the year-on-year comparison:

Compared with a year earlier, economic growth accelerated in the course of 2013. The price-adjusted GDP rose 1.3% in the fourth quarter of 2013 (calendar-adjusted: +1.4%), after +1.1% in the third quarter (calendar-adjusted: +0.6%) and +0.9% in the second quarter (calendar-adjusted: +0.5%).

Gross domestic product, price-adjusted, chain-linked (unadjusted figures)
Changes on a year earlier (in percent):
20122013 
1st quarter2nd quarter3rd quarter4th quarter1st quarter2nd quarter3rd quarter4th quarter
+1.8+0.6+0.40.0–1.6+0.9+1.1+1.3

The economic performance in the fourth quarter of 2013 was achieved by 42.2 million persons in employment whose place of employment was in Germany. That was an increase of 243,000 or 0.6% on a year earlier (as reported in the press release of 18 February 2014).

Overall labour productivity (price-adjusted GDP per person in employment) increased by 0.7% in the fourth quarter of 2013 compared with the same quarter of 2012. As first provisional calculations show, it was also up 0.7% on a year earlier when measured per hour worked by persons in employment.

In a year-on-year comparison, too, positive contributions to growth were made mainly by foreign trade in the fourth quarter of 2013. In price-adjusted terms, exports of goods and services were up 4.1% on a year earlier. Imports did not increase to the same extent (+2.7%) in the same period. As a result, the balance of exports and imports contributed 0.9 percentage points to GDP growth compared with a year earlier.

Price-adjusted domestic demand was also higher than a year before: final consumption expenditure of both households and general government rose by 1.0% on a year earlier. Gross fixed capital formation in machinery and equipment was as high as in the fourth quarter of 2012, so the downward trend of the last eighteen months was stopped. Gross fixed capital formation in construction was markedly higher at the end of 2013 than a year earlier (+3.3%). On the whole, domestic uses were up 0.4 % on the fourth quarter of 2012.

On the production side of the gross domestic product, the price-adjusted gross value added was higher in the last quarter of 2013 than a year earlier in almost all economic sectors: the largest increase in economic performance was recorded in construction (+4.6%), which is due at least partly to the extremely mild weather. Both business services (+4.1%) and manufacturing (+3.0%) also managed to increase their economic performance markedly until year-end. On the whole, the price-adjusted gross value added of all economic sectors was up 1.5% on the fourth quarter of 2012.

At current prices, the gross domestic product was up by 3.4% and the gross national income by 3.6% in the fourth quarter of 2013 on the fourth quarter of 2012. The net national income (at factor costs) rose by a total of 4.4%, with its two components not contributing equally: while the compensation of employees increased by only 2.6%, property and entrepreneurial income rose by 8.9% according to first provisional calculations. Gross wages and salaries of employees were up by 2.8%, net wages and salaries by 2.3% on a year earlier. On average, however, gross wages and salaries per employee rose by a mere 2.0% and net wages and salaries by only 1.6%. The disposable income of households increased by 2.5% and thus as much as the final consumption expenditure of households at current prices. This resulted in a provisional savings ratio of households of 8.8% in the fourth quarter of 2013.

In the context of the first calculation of data for the fourth quarter of 2013, the Federal Statistical Office also revised the national accounts results published previously for the first three quarters of 2013 and for the year of 2013. There was no need for major corrections of the GDP as a whole, while some GDP components had to be altered considerably. Also, as regards seasonally and calendar-adjusted series, there may be modified results for the entire time series from 1991.

Gross domestic product
 Unadjusted figures

Figures according to

Census X-12-ARIMA

price-adjusted, chain-linked

At current pricesPrice-adjusted, chain-linkedSeasonally and calendar-adjustedCalendar-adjusted
EUR billion% 12005 = 100% 12005 = 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 previous 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

20122,666.40 2.2111.12 0.7111.19 0.9 0.9
20132,737.60 2.7111.60 0.4111.78 0.5 0.5
20121st quarter657.70 3.1110.74 1.8111.27 0.7 1.3
2nd quarter653.15 1.9109.99 0.6111.18–0.1 1.1
3rd quarter680.82 1.9113.29 0.4111.40 0.2 0.9
4th quarter674.73 1.8110.45 0.0110.89–0.5 0.3
20131st quarter660.62 0.4109.01–1.6110.89 0.0–0.3
2nd quarter675.22 3.4110.97 0.9111.69 0.7 0.5
3rd quarter703.88 3.4114.54 1.1112.05 0.3 0.6
4th quarter697.88 3.4111.86 1.3112.48 0.4 1.4
Use of the gross domestic product
Unadjusted figures
 2013
Year1st quarter2nd quarter3rd quarter4th quarter
At current prices
EUR billion
Consumption expenditure2,105.43 500.95 522.08 537.61 544.79
Final consumption expenditure of households and NPISHs1,572.43 371.83 392.77 406.60 401.23
Government final consumption expenditure 533.00 129.12 129.31 131.01 143.56
Gross capital formation 458.50 117.93 107.92 129.79 102.86
Gross fixed capital formation (GFCF) 472.21 99.67 121.63 125.75 125.16
including:
GFCF in machinery and equipment 170.89 38.11 42.96 42.06 47.76
GFCF in construction 271.34 54.51 71.39 76.24 69.20
Domestic uses2,563.93 618.88 630.00 667.40 647.65
Exports1,385.49 336.10 347.55 346.45 355.39
Imports1,211.82 294.36 302.33 309.97 305.16
Gross domestic product (GDP)2,737.60 660.62 675.22 703.88 697.88
Price-adjusted, chain-linked
Change on the previous year in %
Consumption expenditure0.8-0.21.01.51.0
Final consumption expenditure of households and NPISHs0.9–0.4 1.2 1.6 1.0
Government final consumption expenditure0.7 0.4 0.4 1.0 1.0
Gross capital formation–1.1–4.7 0.4 2.2–2.6
Gross fixed capital formation (GFCF)–0.7–7.2 0.2 1.6 1.9
including:
GFCF in machinery and equipment–2.4–8.9–1.1–0.2 0.0
GFCF in construction0.1–7.0 0.6 2.4 3.3
Domestic uses0.5–1.1 0.9 1.6 0.4
Exports0.8–2.9 1.1 0.9 4.1
Imports0.9–2.2 1.2 1.9 2.7
Gross domestic product (GDP)0.4–1.6 0.9 1.1 1.3
memorandum item:
GDP per person in employment-0.1–2.2 0.4 0.6 0.7
GDP per hour worked by persons in employment0.3 0.7–0.4–0.0 0.7
Contributions to growth of price-adjusted GDP in percentage points
Consumption expenditure 0.6–0.1 0.8 1.1 0.8
Final consumption expenditure of households and NPISHs 0.5–0.2 0.7 0.9 0.6
Government final consumption expenditure 0.1 0.1 0.1 0.2 0.2
Gross capital formation–0.2–0.9 0.1 0.4–0.4
Gross fixed capital formation (GFCF)–0.1–1.2 0.0 0.3 0.3
including:
GFCF in machinery and equipment–0.2–0.6–0.1 0.0 0.0
GFCF in construction 0.0–0.6 0.1 0.3 0.3
Changes in inventories, and so on–0.1 0.3 0.1 0.1–0.7
Domestic uses 0.4–1.0 0.9 1.5 0.4
Balance of exports and imports (net exports) 0.0–0.5 0.1–0.5 0.9
Use of the gross domestic product
Seasonally and calendar-adjusted figures according to Census X-12-ARIMA
 2013
1st quarter2nd quarter3rd quarter4th quarter
1 Only seasonally adjusted.
At current prices
EUR billion
Consumption expenditure 520.49 525.04 529.78 530.70
Final consumption expenditure of households and NPISHs 388.80 392.78 395.27 396.15
Government final consumption expenditure 131.69 132.26 134.51 134.55
Gross capital formation 114.72 115.98 116.54 112.80
Gross fixed capital formation (GFCF) 115.85 117.52 119.42 121.60
including:
GFCF in machinery and equipment 42.57 42.76 42.89 43.56
GFCF in construction 65.89 67.30 69.01 70.43
Domestic uses 635.21 641.02 646.32 643.50
Exports 339.90 347.84 347.05 356.17
Imports 300.67 303.90 304.52 305.79
Gross domestic product (GDP) 674.44 684.96 688.85 693.88
Price-adjusted. chain-linked
Change on the previous quarter in %
Consumption expenditure 0.3 0.4 0.4–0.1
Final consumption expenditure of households and NPISHs 0.3 0.6 0.2–0.1
Government final consumption expenditure 0.2–0.4 1.2–0.0
Gross capital formation 0.4 0.5 1.4–3.8
Gross fixed capital formation (GFCF)–1.4 1.2 1.3 1.4
including:
GFCF in machinery and equipment–1.4 0.5 0.1 1.4
GFCF in construction–1.5 1.7 2.1 1.4
Domestic uses 0.3 0.4 0.6–0.7
Exports–1.0 2.4 0.2 2.6
Imports–0.5 1.9 0.8 0.6
Gross domestic product (GDP) 0.0 0.7 0.3 0.4
memorandum item: 
GDP per person in employment–0.1 0.6 0.2 0.2
GDP per hour worked by persons in employment 1 0.2–0.4–0.1 1.0
Contributions to growth of price-adjusted GDP in percentage points
Consumption expenditure 0.2 0.3 0.3 0.0
Final consumption expenditure of households and NPISHs 0.2 0.4 0.1 0.0
Government final consumption expenditure 0.0–0.1 0.2 0.0
Gross capital formation 0.1 0.1 0.2–0.6
Gross fixed capital formation (GFCF)–0.2 0.2 0.2 0.2
including: 
GFCF in machinery and equipment–0.1 0.0 0.0 0.1
GFCF in construction–0.1 0.2 0.2 0.1
Changes in inventories, and so on 0.3–0.1 0.0–0.8
Domestic uses 0.3 0.4 0.6–0.7
Balance of exports and imports (net exports)–0.3 0.3–0.3 1.1
Gross value added by economic sector
 2013
Year1st quarter2nd quarter3rd quarter4th quarter

At current prices

EUR billion

Agriculture. forestry and fishing 19.27 4.83 5.00 4.63 4.81
Industry, excluding construction 625.48 148.05 156.65 160.66 160.12
including:
Manufacturing 535.18 126.40 134.97 138.45 135.36
Construction 115.80 25.42 29.29 31.92 29.17
Trade, transport, accommodation and food services 355.55 81.06 91.03 93.54 89.92
Information and communication 96.52 24.17 23.33 25.02 24.00
Financial and insurance activities 98.55 24.62 24.53 24.50 24.90
Real estate activities 298.59 73.25 73.61 77.12 74.61
Business services 281.12 69.45 66.77 73.36 71.54
Public services, education, health 450.75 112.03 108.50 112.33 117.89
Other services 112.35 27.05 26.63 28.74 29.93
Gross value added, total2,453.98589.93605.34631.82626.89

Price-adjusted. chain-linked

Change on the previous year in %

Agriculture, forestry and fishing–0.2–1.4–0.2 0.00.8
Industry, excluding construction 0.0–4.3 0.7 1.0 2.6
including:
Manufacturing 0.1–4.5 1.0 1.1 3.0
Construction–0.4–7.3–0.7 1.4 4.6
Trade, transport, accommodation and food services 0.9–2.4 1.4 2.3 2.2
Information and communication 1.2 1.2 1.5 0.9 1.0
Financial and insurance activities–4.7 1.1–5.3–5.9–8.5
Real estate activities 0.9 0.7 1.0 1.0 1.0
Business services 3.5 1.6 4.0 4.2 4.1
Public services, education, health 0.2–0.1 0.3 0.1 0.5
Other services–0.9–1.9–0.5–1.0–0.3
Gross value added, total 0.5–1.5 0.8 1.1 1.5
Distribution of gross national income
 2013
Year1st quarter2nd quarter3rd quarter4th quarter

At current prices

EUR billion

Gross national income2,804.55 677.50 682.34 720.74 723.97
Net national income (factor costs)2,118.79 507.89 510.65 547.04 553.21
Compensation of employees1,416.05 330.67 346.60 349.37 389.41
Property and entrepreneurial income 702.74 177.22 164.05 197.67 163.80
Gross wages and salaries of employees1,160.85 270.09 283.54 286.82 320.40
Net wages and salaries of employees 772.81 180.23 184.79 195.07 212.72
Memorandum item:
Disposable income of households1,716.93 420.91 426.85 437.05 432.12
Savings ratio (in %) 10.0 13.2 9.6 8.5 8.8
Change on the previous year in %
Gross national income 2.7 0.5 3.5 3.2 3.6
Net national income (factor costs) 3.1 0.4 4.1 3.6 4.4
Compensation of employees 2.8 3.0 2.7 2.9 2.6
Property and entrepreneurial income 3.9–4.1 7.2 4.9 8.9
Gross wages and salaries of employees 3.0 3.3 2.9 3.2 2.8
Net wages and salaries of employees 2.8 3.1 2.6 3.1 2.3
Memorandum item:
Disposable income of households 2.2 0.6 2.5 3.1 2.5

National accounts data can be accessed via the Federal Statistical Office (Destatis) website. In addition, 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 Publications. A detailed

on national accounts is also available via the internet.

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