gdp germany 2020

For 2021, the panel forecasts GDP growth of 4.7%. | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Economy records sharpest contraction on record in Q2, Germany: Harmonized prices post largest fall since January 2015 in September, Germany: Merchandise exports grow at a slower pace in September, Germany: Industrial output growth accelerates in September, Germany: Private-sector operating conditions improve at a slightly softer pace in October, Germany: Business confidence falls in October. The labour volume of the overall economy, which is the total number of hours worked by all persons in employment, declined even more sharply by 10.0% over the same period. German GDP to drop by 6.5% in 2020 In March, economic advisers to the German government expected coronavirus-caused lockdowns to last for only 5 weeks. See here for a complete list of exchanges and delays. +8.2% on the previous quarter (price-, seasonally and calendar-adjusted) She declined to give further details. Google+, Facebook … For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Cookies on this website are used exclusively to serve the technical provision and optimisation of the website. Especially in times of crisis such as the current corona pandemic, early and fact-based economic data are in high demand by users from politics, businesses, the society, the scientific community and the media. The relatively stable incomes, on the one hand, and consumer reticence, on the other, resulted in a substantial rise in household saving. Germany gdp for 2018 was $4,517.52B, a 1.18% increase from 2018. Gross domestic product markedly down year on year However, when compared with the fourth quarter of 2019 - the quarter before the global corona pandemic -, the price-, seasonally and calendar-adjusted GDP was by 4.2% lower in the third quarter of 2020. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. Similarly high decreases in labour productivity were recorded during the financial and economic crisis in 2008/2009. Data are in current U.S. dollars. 1 Seasonally and calendar-adjusted figures: change on previous quarter; The above and other current national accounting results are available in the GENESIS-Online database. -11.3% on the same quarter a year earlier (price and calendar-adjusted). The gross domestic product (GDP) fell a price-, seasonally and calendar-adjusted 10.1% on the first quarter of 2020. Gustav-Stresemann-Ring 11 2 Min Read. Additional reporting by Alexander Ratz; Writing by Maria Sheahan; Editing by Kirsten Donovan and Toby Chopra. This was a decrease of 574,000, or 1.3%, on a year earlier (see press release 312/20 of 18 August 2020). A long time series with quarterly results on the gross domestic product starting with the first quarter of 1970 is available here. +49 (0) 611/75 26 26, Statistisches Bundesamt LinkedIn 65189 Wiesbaden, ©  GDP in Germany is expected to reach 3400.00 USD Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations. GDP in the third quarter of 2020 was down a price-ajusted 4.1% on the third quarter of 2019 (price- and calendar-adjusted: -4.3%). Revision of previous results Destatis website offers comparison between corona crisis and financial/economic crisis. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. Only the construction industry showed a year-on-year increase of the price-adjusted gross value added by 1.6% in the 2nd quarter of 2020. Oct-2020 Germany Long-term average = 100: Household disposable income Indicator: 1.8 Net Annual growth rate (%) 2018 Germany Annual growth rate (%) Net Annual growth rate (%) 1999-2018 Germany (red) Net Annual growth rate (%) 2018 Germany (red) Labour compensation per hour worked Indicator: 3.2 Total Annual growth rate (%) 2019 Germany Annual growth rate (%) Total Annual growth rate (%) … Download a sample report now. WIESBADEN – The gross domestic product (GDP) fell a price-, seasonally and calendar-adjusted 10.1% on the first quarter of 2020. Household final consumption expenditure recorded a price-adjusted double-digit decline of 13.0% on a year earlier. According to first provisional calculations, the compensation of employees was down by just 3.6% year on year, while property and entrepreneurial income fell sharply by 17.6% because of the production restrictions. According to the Federal Statistical Office (Destatis), the GDP drop in the 2nd quarter of 2020 was not quite as steep as reported in the first release of 30 July 2020 (-10.1%). The trade with foreign countries also slumped. Growth was based on higher final consumption expenditure of households, higher capital formation in machinery and equipment and a sharp increase in exports. 2ndquarter of 2020 This means that the decreases were even markedly larger than during the financial and economic crisis in the 1st quarter 2009 (exports: -11.0%; imports: -5.9%). The outlook for Germany’s economy this year is also brighter than for most other G7 countries except the United States. WIESBADEN – The gross domestic product (GDP) rose by 8.2% in the third quarter of 2020 on the second quarter of 2020 after adjustment for price, seasonal and calendar variations. WIESBADEN – The gross domestic product (GDP) fell sharply by 9.7% in the 2nd quarter of 2020 on the 1st quarter of 2020 after adjustment for price, seasonal and calendar variations. The GDP in the second quarter of 2020 was down a price-adjusted 11.7% (also calendar-adjusted) on a year earlier. In the long-term, the Germany GDP is projected to trend around 3700.00 USD Billion in 2021 and 4000.00 USD Billion in 2022, according to our econometric models. Growth was based on higher final consumption expenditure of households, higher capital formation in machinery and equipment and a sharp increase in exports. My Cart Detailed information can be found in our data privacy statement: Privacy Policy. In addition, the greater uncertainties caused by the coronav pandemic may lead to larger revisions than usual. The downturn was broad-based. 3: From 2011 onwards results of current population statistic, before that back calculations based on the 2011 census. Germany gdp for 2018 was $4,521.03B, a 0.08% increase from 2018.  Statistisches Bundesamt (Destatis) | 2020, Usage data on this website are processed only to the extent necessary and only for specific purposes. In the 2nd quarter of 2020, exports of goods and services dropped by 20.3% on the 1st quarter 2020 after price, seasonal and calendar adjustment. This was the largest decline since the beginning of quarterly GDP calculations for Germany in 1970. According to the Federal Statistical Office (Destatis), the GDP drop in the 2nd quarter of 2020 was not quite as steep as reported in the first release of 30 July 2020 (-10.1%). Please check your download folder. The gross domestic product also forms part of the “Crisis Monitor“ (www.destatis.de/krisenmonitor), by means of which the Federal Statistical Office compares the development of major short-term indicators in the corona crisis and the financial and economic crisis of 2008/2009. This was the largest decline since the beginning of quarterly GDP calculations for Germany in 1970. The Federal Statistical Office (Destatis) also reports that the German … Domestic and foreign demand significantly down on a year earlier. Germany; Economic forecast for Germany; Economic forecast for Germany . According to the Federal Statistical Office (Destatis), the GDP drop in the 2nd quarter of 2020 was not quite as steep as reported in the first release of 30 July 2020 (-10.1%). 10Y. The Federal Statistical Office will continue to release detailed results after about 55 days. Hence, the coronavirus crisis started affecting the labour market, too, in the 2nd quarter 2020. In contrast to that crisis, however, this time other economic sectors are affected by massive declines, too. Economy Minister Peter Altmaier is scheduled to present the revised outlook early next week, the source added. The detailed figures for the second quarter of 2020 will be released on 25 August 2020. For 2021, the panel forecasts GDP growth of 4.7%. Taking into account the statistical information that became available after the first release of 30 July 2020, this resulted in an upwards revision of the gross domestic product by 0.4 percentage points. Markets both in the US and Europe saw a solid start to the week. In addition to calculating first data for the second quarter of 2020, the Federal Statistical Office reviewed the results published earlier and included new statistical information in the calculations (as from 2015), as usual. The Federal Statistical Office (Destatis) also reports that in the second quarter of … the first quarter of 1970 is available here. The Commission publishes a full set of macroeconomic forecasts for the EU and its Member States in spring (May) and autumn (November) and publishes interim forecasts updating GDP and inflation figures in winter (February) and summer (July). It must be noted, however, that short-time work does not affect the employment figures because short-time workers still count as persons in employment. Germany GDP June 2020. Harmonized consumer prices were unchanged over the prior month in October, following September’s 0.38% drop. However, the balance of risks is skewed to the downside as the number of new coronavirus cases has ticked up in recent weeks, which could bring about stricter measures that derail the recovery. On the production side of the GDP, price-adjusted gross value added was lower in almost all economic sectors in the 2nd quarter of 2020 than in the 2nd quarter of 2019. August 26, 2020. The largest decrease on the same quarter of the preceding year had been recorded in the 2nd quarter of 2009 (-7.9%). About 1: Seasonally and calendar-adjusted figures: change on previous quarter; Imports did not drop as strongly (-17.3%) over that period. […] Looking ahead, it does not take a rocket scientist to predict that the economy will have one of its best quarterly performances ever in the third quarter. It was much larger than during the financial market and economic crisis (-4.7% in first quarter of 2009). +49 (0) 611/75 26 26, Statistisches Bundesamt Starting with the 2nd quarter of 2020, the Federal Statistical Office released the GDP for the first time as early as 30 days after the end of the quarter, that is, about two weeks earlier than before. At current prices, the gross domestic product fell by 8.9% and the gross national income by 8.3% in the 2nd quarter of 2020 compared with a year earlier. Methodological notes Economic performance still 4.2% below pre-crisis level, however, Gross domestic product (GDP), 3rd quarter of 2020 Private-sector operating conditions in Germany improved at a slightly softer pace in October, with the IHS Markit composite Purchasing Managers’ Index (PMI) inching down to 54.5 from 54.7 in September. The greater uncertainties caused by the coronavirus pandemic may lead to larger revisions than usual. More information on the quality of the GDP early estimate and on why the Federal Statistical Office for the first time released the more rapid calculation of the GDP just now during the coronavirus pandemic is given in our podcast at www.destatis.de --> Themen --> Wirtschaft --> Volkswirtschaftliche-Gesamtrechnungen-Inlandsprodukt --> Aktuelles. Crisis Monitor enables comparison between corona crisis and financial/economic crisis. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Economy records sharpest contraction on record in Q2, GDP contracted at a sharp pace of 9.7% on a seasonally-adjusted quarter-on-quarter basis in the second quarter (previously reported: -10.1% s.a. qoq), coming in well below the 2.0% contraction logged in the first quarter. Merchandise exports rose 2.3% month-on-month in September on a calendar- and seasonally-adjusted basis, down from August’s 2.9% uptick. This came as foreign lockdowns and restrictive measures weighed on export demand. According to provisional calculations, the savings ratio nearly doubled to 20.1% in the 2nd quarter of 2020 year on year (2nd quarter 2019: 10.2%). Exclusive: Germany set to revise up its 2020 GDP forecast, says source. 65189 Wiesbaden, ©  On the external front, exports of goods and services plummeted 20.3% on a seasonally-adjusted quarterly basis in the second quarter, which was notably below the first quarter's 3.3% contraction. The Federal Statistical Office (Destatis) also reports that in the second quarter of 2020 a massive slump was recorded for exports and imports of goods and services as well as for household final consumption expenditure and capital formation in machinery and equipment. The Crisis Monitor complements the „Corona statistics“ (www.destatis.de/corona), which has provided statistical information on the economic and social consequences of the corona pandemic since early April. The slump in the German economy was thus much larger than during … Gustav-Stresemann-Ring 11 Stocks Aim Higher On U.S.-China Trade Optimism, German GDP Revision By Fiona Cincotta - Aug 25, 2020 1. Crisis Monitor enables comparison between corona crisis and financial/economic crisis More information Massive drop in domestic and foreign demand By Holger Hansen. The slump in the German economy was thus much larger than during the financial and economic crisis of 2008/2009 (-4.7% in the 1st quarter of 2009) and the sharpest decline since quarterly GDP calculations for Germany started in 1970. Detailed data on the recalculations are shown in the table “Comparison between old and new figures” at the end of this press release. General government, however, raised its final consumption expenditure during the crisis. Never miss out on our latest data, analysis and industry events. Home > News > -11.7% on the same quarter a year earlier (price- and calendar-adjusted). The last decline in the number of persons in employment was recorded during the financial and economic crisis in the 1st quarter of 2010. Export demand, especially from China, rebounded for a second month running in June, and a recent Ifo institute survey showed that manufacturers expect expansion over the coming three months. The Crisis Monitor complements the "Corona statistics" webpage, which has provided statistical information on the economic and social consequences of the corona pandemic since early April. Owing to government aids like short-time allowance, the disposable income of households was just 0.8% lower in the 2nd quarter 2020 than a year earlier.  Statistisches Bundesamt (Destatis) | 2020, Usage data on this website are processed only to the extent necessary and only for specific purposes. Gross wages and salaries of employees decreased by 4.8% from the 2nd quarter of 2019, net wages and salaries by 4.3%. Revision of previous results Germany gdp for 2018 was $4,542.67B, a 0.48% increase from 2018. Imports also recorded a double-digit decline of 16.0%. Online Store Household savings ratio nearly doubled If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. Google+, © Copyright: 2020. The earlier availability the results requires a higher degree of estimates in the results than was the case after 45 days. The gross domestic product (GDP) rose by 8.2% in the third quarter of 2020 on the second quarter of 2020 after adjustment for price, seasonal and calendar variations.

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