Germany GDP Growth Rate

Last Release

Mar 31, 2024

Actual

0.2

Units In

-0.5

Frequency

Quarterly

Next Release

Aug 27, 2024

Time to Release

2 Months 30 Days 20 Hours

Highest	Lowest	Average	Date Range	Source
9 Sep 2020	-10 Jun 2020	0.46 %	1970-2024	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’s economy expanded by 0.2% quarter-on-quarter in the three months to March 2024, rebounding from a 0.5% contraction in the previous period, in line with preliminary and market estimates. The upturn was mainly driven by a sharp rebound in gross fixed capital formation (1.2% vs -2.1% in Q4), primarily due to a strong increase in investments in construction. Net external demand also contributed positively to the GDP growth, as exports advanced 1.1% (vs -0.9%), while imports rose at a softer 0.6% (vs -1.6%). On the other hand, private consumption and government spending fell 0.4%, respectively. On an annual basis, the economy dropped 0.2%, unchanged from the previous period and entering a technical recession for the first time in over three years.