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Press release 169 / 2017-05-23: Detailed gross domestic product results for the 1st quarter of 2017

WIESBADEN – The German economy continues to grow. In the first quarter of 2017, the gross domestic product (GDP) rose 0.6% on the fourth quarter of 2016 after adjustment for price, seasonal and calendar variations. The Federal Statistical Office (Destatis) also reports that, in the second half of the previous year, the GDP product grew a little more moderately (+0.2% in the third and +0.4% in the fourth quarter of 2016).



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):
201520162017
1st quarter2nd quarter3rd quarter4th quarter1st quarter2nd quarter3rd quarter4th quarter1st quarter
+0.2+0.5+0.2+0.4+0.7+0.5+0.2+0.4+0.6

The quarter-on-quarter comparison (following price, seasonal and calendar adjustment) shows that positive contributions came from both domestic and foreign demand. Especially fixed capital formation increased markedly at the beginning of the year. Gross fixed capital formation in machinery and equipment rose 1.2% on the fourth quarter of 2016. Gross fixed capital formation in construction increased even 2.3%, one reason being the mild weather. Final consumption expenditure of households rose by 0.3% and government final consumption expenditure by 0.4% on the previous quarter.
External demand increased, too. According to provisional calculations, exports of goods and services were up a total 1.3% compared with the fourth quarter of 2016 (adjusted for price, seasonal and calendar effects). Although, in the same period, imports rose too, their increase was smaller (+0.4%) than that of exports. Arithmetically, the balance of exports and imports thus contributed +0.4 percentage points to GDP growth.

The following information refers to the year-on-year comparison:
Economic growth accelerated year on year, too. The price-adjusted GDP in the first quarter of 2017 was up by 2.9% compared with the first quarter of 2016. Upon adjustment for the exceptionally strong calendar effects due to the timing of public holidays, the GDP increased by 1.7%, which corresponds largely to the calendar-adjusted growth rates of the previous year (+1.7% in the third quarter of 2016 and +1.8% in the fourth quarter of 2016).

Gross domestic product, price-adjusted, chain-linked (unadjusted figures)
Changes on a year earlier (in percent):
201520162017
1st quarter2nd quarter3rd quarter4th quarter1st quarter2nd quarter3rd quarter4th quarter1st quarter
+1.3+1.8+1.8+2.1+1.5+3.2+1.6+1.3+2.9

The economic performance in the first quarter of 2017 was achieved by 43.7 million persons in employment, which was an increase of 638,000 or 1.5% on a year earlier.
Overall labour productivity (price-adjusted gross domestic product per hour worked by persons in employment) was down 0.3% on the previous year, according to provisional calculations. One of the reasons for the decrease was a strong increase in the total number of hours worked by all persons in employment. A negative development of labour productivity per hour worked by persons in employment was last recorded in 2009. Measured per person in employment, labour productivity rose by 1.4%.

In a year-on-year comparison, too, contributions to growth were made both by domestic and foreign demand in the first quarter of 2017. Household final consumption expenditure was up by 1.6%, government final consumption expenditure by 1.5%. Compared with the first quarter of 2016, gross fixed capital formation in machinery and equipment grew a price-adjusted 2.0%. Gross fixed capital formation in construction was markedly up by 4.7% due to the mild weather and the good economic situation. A year-on-year increase was recorded especially in gross fixed capital formation in dwellings. On the whole, domestic uses rose by 2.2%.

The development of foreign trade was positive, too. In the first quarter of 2017, price-adjusted exports of goods and services were markedly up (+6.6%) on a year earlier. In the same period imports grew strongly, too (+5.6%). Mathematically, the balance of exports and imports contributed 0.9 percentage points to the GDP growth in a year-on-year comparison.

On the production side of the gross domestic product, price-adjusted gross value added at the beginning of 2017 was higher than a year earlier in all economic sectors with the exception of agriculture, forestry and fishing. The highest growth rates were recorded for manufacturing (+4.1%), construction (+4.0%), business services (+3.8%) and information and communication services (+3.7%). On the whole, the price-adjusted gross value added of all economic sectors was up 2.9% on the first quarter of 2016.

At current prices, the gross domestic product increased by 3.7% and the gross national income by 3.4% in the first quarter of 2017 on the first quarter of 2016. Net national income at factor costs rose by a total 3.3%. According to first provisional calculations, the compensation of employees (+4.1%) grew markedly faster than property and entrepreneurial income (+1.8%). Gross wages and salaries of employees were up by 4.2% and net wages and salaries by 4.0% on a year earlier. The average wages and salaries per employee did not rise that much (2.4% in gross terms and 2.3% in net terms) because the number of employees went up as well (+1.7%) compared with the same quarter one year earlier. The disposable income of households increased by 3.7%, this rise being slightly higher than that of household final consumption expenditure at current prices (+3.2%).

In addition to calculating first data for the first quarter of 2017, the Federal Statistical Office reviewed the national accounting results published previously – and revised them where necessary – for the quarters and the year of 2016. Regarding the gross domestic product in the third and fourth quarters of 2016, the previous results were partly revised upwards (though to a minor extent). Significant corrections were however made regarding individual GDP components. As is usual for seasonally and calendar adjusted series, modified results may also appear in the whole time series from 1991 onwards.

Gross domestic product
 Unadjusted figuresFigures according to
Census X-12-ARIMA
price-adjusted, chain-linked
At current pricesPrice-adjusted, chain-linkedSeasonally and calendar-adjustedCalendar-
adjusted
EUR billion% 12010 = 100% 12010 = 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
20153,032.82 3.7108.18 1.7108.09 1.5 1.5
20163,134.07 3.3110.20 1.9110.02 1.8 1.8
20151st quarter739.41 3.2106.89 1.3107.44 0.2 1.2
2nd quarter745.99 3.8106.89 1.8108.00 0.5 1.8
3 rdquarter771.66 3.7110.35 1.8108.26 0.2 1.7
4th quarter775.76 4.2108.59 2.1108.65 0.4 1.3
20161st quarter763.18 3.2108.50 1.5109.43 0.7 1.9
2nd quarter780.76 4.7110.28 3.2109.94 0.5 1.8
3 rdquarter794.07 2.9112.08 1.6110.12 0.2 1.7
4th quarter796.06 2.6109.96 1.3110.58 0.4 1.8
20171st quarter791.26 3.7111.60 2.9111.25 0.6 1.7
Use of the gross domestic product
Unadjusted figures
 20162017
1st quarter2nd quarter3rd quarter4th quarter1st quarter
At current prices
EUR billion
Consumption expenditure 549.290 571.575 578.284597.660 567.387
Final consumption expenditure of households and NPISHs 399.941 421.015 427.947 432.576 412.935
Government final consumption expenditure 149.349 150.560 150.337 165.084 154.452
Gross capital formation 155.909 139.001 163.824 139.772 165.289
Gross fixed capital formation (GFCF) 142.497 161.147 159.942 162.478 149.905
GFCFin machinery and equipment 47.171 51.519 48.503 57.216 48.429
GFCF in construction 68.007 81.843 83.261 75.638 73.108
GFCF in other products 27.319 27.785 28.178 29.624 28.368
Domestic uses 705.199 710.576 742.108 737.432 732.676
Exports 346.382 366.550 358.485 370.796 375.079
Imports 288.401 296.366 306.523 312.168 316.495
Gross domestic product (GDP) 763.180 780.760 794.070 796.060 791.260
Price-adjusted, chain-linked
Change on the previous year in %
Consumption expenditure 2.8 3.4 2.4 1.9 1.5
Final consumption expenditure of households and NPISHs 2.1 2.9 1.9 1.6 1.6
Government final consumption expenditure 4.7 4.9 3.9 2.7 1.5
Gross capital formation 0.5 2.3 1.3–0.1 4.3
Gross fixed capital formation (GFCF) 3.2 4.7 1.4–0.4 3.4
GFCF in machinery and equipment 3.9 4.4–0.5–2.6 2.0
GFCF in construction 3.1 5.5 2.1 0.4 4.7
GFCF in other products 2.4 2.7 2.7 2.5 2.5
Domestic uses 2.3 3.2 2.1 1.5 2.2
Exports 1.3 4.6 1.4 3.3 6.6
Imports 3.1 5.0 2.7 4.3 5.6
Gross domestic product (GDP) 1.5 3.2 1.6 1.3 2.9
Memorandum item: 
GDP per person in employment 0.2 2.0 0.4–0.1 1.4
GDP per hour worked by persons in employment 1.7 0.3 0.5 1.1–0.3
Contributions to growth of price-adjusted GDP
in percentage points
Consumption expenditure 2.0 2.5 1.7 1.4 1.1
Final consumption expenditure of households and NPISHs 1.1 1.6 1.0 0.9 0.8
Government final consumption expenditure 0.9 0.9 0.7 0.5 0.3
Gross capital formation 0.1 0.4 0.3 0.0 0.9
Gross fixed capital formation (GFCF) 0.6 0.9 0.3–0.1 0.6
GFCF in machinery and equipment 0.2 0.3 0.0–0.2 0.1
GFCF in construction 0.3 0.6 0.2 0.0 0.4
GFCF in other products 0.1 0.1 0.1 0.1 0.1
Changes in inventories, and so on–0.5–0.5 0.0 0.1 0.3
Domestic uses 2.1 2.9 2.0 1.4 2.0
Balance of exports and imports (net exports)–0.6 0.3–0.5–0.1 0.9
Use of the gross domestic product
Seasonally and calendar-adjusted figures according to Census X-12-ARIMA
 20162017
1st quarter2nd quarter3rd quarter4th quarter1st quarter
1 Only seasonally adjusted.
At current prices
EUR billion
Consumption expenditure 567.557 571.535 574.975 580.036 585.224
Final consumption expenditure of households and NPISHs 415.330 417.890 420.879 424.674 427.878
Government final consumption expenditure 152.227 153.645 154.096 155.362 157.346
Gross capital formation 147.438 146.996 149.476 154.558 152.281
Gross fixed capital formation (GFCF) 156.389 154.846 155.418 156.819 160.255
GFCF in machinery and equipment 51.686 50.490 50.476 50.612 51.168
GFCF in construction 76.868 76.237 76.571 77.626 80.199
GFCF in other products 27.835 28.119 28.371 28.581 28.888
Domestic uses 714.995 718.531 724.451 734.594 737.505
Exports 355.035 357.767 357.608 365.940 374.555
Imports 295.724 295.822 299.109 309.618 318.478
Gross domestic product (GDP) 774.306 780.476 782.950 790.916 793.582
Price-adjusted,chain-linked
Change on the previous quarter in %
Consumption expenditure 0.9 0.5 0.4 0.2 0.3
Final consumption expenditure of households and NPISHs 0.7 0.4 0.5 0.2 0.3
Government final consumption expenditure 1.6 0.7 0.1 0.3 0.4
Gross capital formation–0.6–1.5 1.4 2.5–0.5
Gross fixed capital formation (GFCF) 1.5–1.3–0.1 0.4 1.7
GFCF in machinery and equipment 0.9–2.3–0.5–0.1 1.2
GFCF in construction 2.1–1.4–0.0 0.8 2.3
GFCF in other products 0.9 0.7 0.6 0.3 0.8
Domestic uses 0.6 0.0 0.6 0.7 0.2
Exports 1.6 1.1–0.3 1.7 1.3
Imports 1.5 0.2 0.6 2.5 0.4
Gross domestic product (GDP) 0.7 0.5 0.2 0.4 0.6
Memorandum item: 
GDP per person in employment 0.4 0.2–0.1–0.0 0.1
GDP per hour worked by persons in employment 1 1.5–1.0 0.4 0.2 0.1
Contributions to growth of price-adjusted GDP--gross domestic product in percentage points
Consumption expenditure 0.7 0.3 0.3 0.1 0.2
Final consumption expenditure of households and NPISHs 0.4 0.2 0.3 0.1 0.2
Government final consumption expenditure 0.3 0.2 0.0 0.1 0.1
Gross capital formation–0.1–0.3 0.3 0.5–0.1
Gross fixed capital formation (GFCF) 0.3–0.3 0.0 0.1 0.3
GFCF in machinery and equipment 0.1–0.2 0.0 0.0 0.1
GFCF in construction 0.2–0.1 0.0 0.1 0.2
GFCF in other products 0.0 0.0 0.0 0.0 0.0
Changes in inventories, and so on–0.4 0.0 0.3 0.4–0.4
Domestic uses 0.6 0.0 0.5 0.6 0.2
Balance of exports and imports (net exports) 0.1 0.4–0.4–0.2 0.4
Gross value added by economic sector
 20162017
1st quarter2nd quarter3rd quarter4th quarter1st quarter
At current prices
EUR billion
Agriculture, forestry and fishing 4.258 4.515 4.540 4.698 5.056
Industry, excluding construction 177.319 184.755 181.131 179.108 184.425
including:
Manufacturing 154.710 164.439 160.924 157.240 161.693
Construction 26.682 34.440 35.953 37.573 28.793
Trade, transport, accommodation and food services 102.957 114.120 112.805 113.192 106.810
Information and communication 34.284 33.379 35.285 33.988 35.131
Financial and insurance activities 27.684 27.724 27.698 27.720 27.509
Real estate activities 77.007 76.426 78.213 75.307 78.341
Business services 78.239 76.450 82.274 79.457 81.259
Public services, education, health 128.297 125.434 128.985 136.241 133.307
Other services 28.119 27.716 29.274 28.943 29.210
Gross value added, total 684.846 704.959 716.158 716.227 709.841
Price-adjusted, chain-linked
Change on the previous year in %
Agriculture, forestry and fishing 0.9 0.9–0.3 0.1–0.8
Industry, excluding construction 0.9 4.0 0.7 0.1 3.8
including:
Manufacturing 1.2 4.6 0.9–0.1 4.1
Construction 1.6 5.6 1.8–0.5 4.0
Trade, transport, accommodation and food services 1.2 4.3 1.5 2.0 3.0
Information and communication 2.4 3.4 3.1 2.2 3.7
Financial and insurance activities 2.2 1.4 2.4 3.8 1.6
Real estate activities 0.7 1.0 0.5 0.6 1.1
Business services 1.7 3.8 2.2 2.0 3.8
Public services, education, health 1.5 2.4 2.3 2.4 2.3
Other services 0.2 2.2 1.6 1.7 2.6
Gross value added, total 1.2 3.2 1.5 1.4 2.9
Distribution of gross national income
 20162017
1st quarter2nd quarter3rd quarter4th quarter1st quarter
At current prices
EUR billion
Gross national income 783.429 784.446 811.296 819.542 810.162
Net national income (factor costs) 569.923 571.357 595.373 602.550 588.705
Compensation of employees 373.552 390.246 393.919 440.663 388.733
Property and entrepreneurial income 196.371 181.111 201.454 161.887 199.972
Gross wages and salaries of employees 305.384 319.425 323.449 362.788 318.090
Net wages and salaries of employees 202.351 207.512 218.778 240.098 210.496
Memorandum item:
Disposable income of households 447.631 452.569 453.848 459.868 464.295
Savings ratio (in %) 13.0 9.4 8.1 8.4 13.3
Change on the previous year in %
Gross national income 3.4 4.8 2.6 2.2 3.4
Net national income (factor costs) 3.3 5.3 2.6 2.3 3.3
Compensation of employees 4.2 3.4 3.8 3.9 4.1
Property and entrepreneurial income 1.6 9.8 0.4–1.6 1.8
Gross wages and salaries of employees 4.5 3.5 3.9 4.0 4.2
Net wages and salaries of employees 4.5 3.7 3.6 3.7 4.0
Memorandum item:
Disposable income of households 2.7 3.5 2.5 2.9 3.7

National accounts data may be accessed via the Destatis website. 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. A detailed quality report on national accounts is available.

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