Press release 287 / 2014-08-14: Gross domestic product down 0.2% in 2nd quarter of 2014
WIESBADEN – The German economy is losing momentum. In the second quarter of 2014, the gross domestic product (GDP) decreased 0.2% on the previous quarter after adjustment for price, seasonal and calendar variations; this is reported by the Federal Statistical Office (Destatis). However, one of the reasons probably was the extremely mild weather leading to high growth rates at the beginning of the year. According to the most recent calculations, the German economy had grown by 0.7% in the first quarter of 2014; in the last quarter of 2013, the GDP had been up 0.4% on the previous quarter. These results are based on the new ESA 2010 methodology for the first time.
The aggregates responsible for the slight GDP decrease in the second quarter of 2014 were, according to provisional calculations, foreign trade and capital formation. In a quarter-on-quarter comparison, the increase in exports was smaller than the increase in imports, so that the balance of exports and imports had a negative effect on the German economic development. Also, capital formation, especially in construction, fell markedly, one of the probable causes being anticipatory effects due to the unusually mild winter of 2013/2014. However, both households and government consumed slightly more than in the previous quarter.
Compared with the previous year, the German economy lost momentum, too, but continued to grow. The price-adjusted GDP in the second quarter of 2014 was up by 0.8% (1.2% when calendar-adjusted) on the second quarter of 2013.
Along with the first calculation of data for the second quarter of 2014, the Federal Statistical Office has also released first results of the major revision of national accounts. The revision was required to implement the European System of Accounts (ESA 2010), which will be legally binding from September 2014. The ESA 2010 defines for the entire EU what concepts, definitions and accounting rules have to be applied in compiling national accounts to make the data comparable at an international level. Beyond the implementation of the ESA 2010, the results published previously for Germany from 1991 and their calculation have been checked and revised where necessary, and new data and findings have been integrated in the accounting system, as is generally done in major revisions of national accounts.
More information on the 2014 major revision of national accounts. Another document available there is a detailed comparative table showing the old and new results of the gross domestic product for quarters and years from 1991.
More detailed results will be released by the Federal Statistical Office on 1 September 2014.
|Unadjusted figures||Figures according to Census X-12-ARIMA|
|Seasonally and |
|2010 = 100||%2||2010 = 100||%3||2010 = 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 %.
|Unadjusted figures||Seasonally and calendar-adjusted |
figures according to
|EUR bn.||Change in %1||EUR bn.||Change in %2|
qtr = quarter
|New result||Previous result|
(2010 = 100)
|Change in % 1||Chain index
(2005 = 100)
|Change in % 1|
qtr = quarter
|Seasonally and calendar-adjusted figures according to Census X-12-ARIMA|
For further information:
National accounts info team,
tel: +49 611 75 2626,