Germany GDP Growth Rate

Last Release

Dec 31, 2023

Actual

-0.3

Units In

-0.1

Frequency

Quarterly

Next Release

May 24, 2024

Time to Release

2 Months 29 Days 5 Hours

Highest	Lowest	Average	Date Range	Source
9 Sep 2020	-10 Jun 2020	0.46 %	1970-2023	Federal Statistical Office

Germany is the fifth largest economy in the world and the largest within the Euro Area. Germany is the second largest exporter in the world and exports account for more than one-third of national output. As such, the export of high added value products has been the main driver of growth in recent years. Composition of the GDP on the expenditure side: household consumption (55 percent), gross capital formation (20 percent, of which 10 percent in construction, 6 percent in machinery and equipment and 4 percent in other products) and government expenditure (19 percent). Exports of goods and services account for 46 percent of GDP while imports for 39 percent, adding 7 percent to total GDP.

Latest Updates

Germany contracted by 0.3% in the final quarter of 2023 after two consecutive periods of stagnation, as Europe's largest economy grappled with the impact of rising prices, increased borrowing costs and weak external demand, particularly affecting the manufacturing and construction sectors. Notably, gross fixed capital formation plummeted by 1.9% (vs 0.1% in Q3), primarily due to decreases in investments in construction (-1.7% vs -0.8%) and machinery and equipment (-3.5% vs 1.4%). In addition, inventory changes subtracted 0.1 percentage points from growth. Meanwhile, private consumption rose by 0.2% (vs 0.0% in Q3), and public spending increased by 0.3% (vs 1.1% in Q3). The contribution from net trade remained neutral as both exports and imports declined by 1.6% and 1.7%, respectively. On a year-on-year basis, the economy contracted by 0.2% in the fourth quarter, entering a technical recession for the first time since 2020-21.