Germany GDP


Economic growth picks up slightly in Q2

In Q2 2015, GDP rose a seasonally-adjusted 0.4% over the previous quarter, according to more complete data published by the Federal Statistics Office (Destatis) on 25 August. The expansion followed Q1’s milder 0.3% increase and matched the preliminary estimate as well as met market expectations. Compared to the same quarter of the previous year, GDP increased 1.6% in Q2, which came in above the 1.2% expansion registered in Q1.

The slight pickup was driven by a better performance of the external sector, which more than offset a deterioration in investment as well as a slowdown in consumption. Private consumption recorded a 0.2% expansion over the previous quarter, which was below Q1’s 0.4% rise. Government consumption also moderated, falling from Q1’s 0.6% increase to 0.3% growth in Q2. Gross fixed investment swung from Q1’s 1.7% expansion to a 0.4% contraction in Q2.

On the external front, exports of goods and services increased 2.2% in Q2, which exceeded Q1’s 1.2% rise and marked the fastest expansion in over four years. At the same time, imports growth slowed from 1.9% in Q1 to 0.8% in Q2. Consequently, the external sector’s net contribution to overall economic growth recovered notably from Q1’s minus 0.2 percentage points to plus 0.8 percentage points in Q2, which represents the largest contribution in over three years.

The Bundesbank expects economic activity to increase 1.7% in 2015. For 2016, the Bank sees economic growth picking up to 1.8%. FocusEconomics Consensus Forecast panelists expect economic activity to expand 1.8% in 2015, which is unchanged from last month’s forecast. For 2016, the panel forecasts GDP growth of 2.0%.

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Germany GDP Chart

Germany GDP Q2 2015 1

Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Federal Statistics Office (Destatis) and FocusEconomics Consensus Forecast

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