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Press release 167 / 2014-05-15: Gross domestic product up 0.8% in 1st quarter of 2014

WIESBADEN – The German economy is gaining momentum. In the first quarter of 2014, the gross domestic product (GDP) rose 0.8% on the fourth quarter of 2013 after adjustment for price, seasonal and calendar variations. The moderate growth rate of last year (+0.4% in the last quarter of 2013) thus has increased. The Federal Statistical Office (Destatis) also reports, however, that a factor that contributed to the strong growth at the beginning of the year was the extremely mild weather.

In a quarter-on-quarter comparison (adjusted for price, seasonal and calendar variations), positive contributions were made only by domestic demand, according to provisional calculations. Households and general government increased their final consumption expenditure at the beginning of the year. Capital formation showed a positive development, too. Fixed capital formation in construction and in machinery and equipment was markedly up on the fourth quarter of 2013, and building inventories also supported the GDP. Foreign trade, however, had a downward effect on economic growth. According to provisional calculations, exports of goods were down at the beginning of 2014, while imports of goods were markedly up on the last quarter of 2013.

In a year-on-year comparison, economic growth accelerated markedly. The price-adjusted GDP rose +2.5% (a calendar adjusted +2.3%) in the first quarter of 2014, which was the largest increase in over two years.

The economic performance in the first quarter of 2014 was achieved by 41.7 million persons in employment, which was an increase of 344,000 or 0.8% on a year earlier.

In the context of the first calculation of data for the first quarter of 2014, the Federal Statistical Office also revised - and modified where necessary - the national accounting results published previously for the quarters and the year of 2013. This did not result in any changes of the gross domestic product data published so far.

Gross domestic product
Price-adjusted, chain-linked
 Unadjusted figuresFigures according to Census X-12-ARIMA
Seasonally and calendar-adjustedCalendar-adjusted1Calendar effect
2005 = 100%22005 = 100%32005 = 100%2%2
1 For years the calendar-adjusted values are identical with the seasonally and calendar-adjusted values (except for differences due to rounding).
2 Change on the previous year or the same quarter of the preceding year in %.
3 Change on the previous year or previous quarter in %.
2013 111.60 0.4 111.78 0.5 111.78 0.5 –0.1 
20131st qtr109.01–1.6 110.89 0.0 109.61–0.3 –1.2 
2nd qtr110.97 0.9 111.69 0.7 110.86 0.5  0.4 
3rd qtr114.54 1.1 112.05 0.3 114.42 0.6  0.5 
4th qtr111.86 1.3 112.48 0.4 112.23 1.4 –0.1 
20141st qtr111.75 2.5 113.40 0.8 112.10 2.3  0.2 
Gross domestic product at current prices
 Unadjusted figuresSeasonally and calendar-adjusted figures according to Census X-12-ARIMA
Euro billionChange in %1Euro billionChange in %2
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 %.
20132,737.60 2.7 2,742.13 2.8 
20131st qtr660.62 0.4 674.44 0.7 
2nd qtr675.22 3.4 684.96 1.6 
3rd qtr703.88 3.4 688.85 0.6 
4th qtr697.88 3.4 693.88 0.7 
20141st qtr689.05 4.3 701.76 1.1 

More detailed results will be released by the Federal Statistical Office on 23 May 2014.

A long time series with quarterly results on the gross domestic product starting with the first quarter of 1970 is available here.

>>> brief methodological description

For further information:
National accounts info team,
tel: +49 611 75 2626,

presse_gdp_info

gdp-info@destatis.de

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