Economic Growth in Germany
Surging exports while globalization was at its peak in the mid-2010s propelled strong economic growth in 2014-17. However, rising trade tensions, and supply restraints and soft global goods demand in the wake of the pandemic, have weighed on the economy in more recent years: Germany's economy is expected to have markedly underperformed the G7 average in 2021-23.
Germany recorded an average real GDP growth of 1.2% in the decade to 2022, below the 1.4% average for the Euro Area. In 2022, real GDP growth was 1.8%. For more GDP information, visit our dedicated page.
Germany GDP Chart
Germany GDP Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 1.0 | 1.1 | -3.8 | 3.2 | 1.8 |
GDP (EUR bn) | 3,365 | 3,474 | 3,404 | 3,617 | 3,877 |
Economic Growth (Nominal GDP, ann. var. %) | 3.0 | 3.2 | -2.0 | 6.3 | 7.2 |
GDP records sharpest contraction since Q4 2022 in Q4
GDP in the final quarter, with GDP contracting 0.3% on a seasonally adjusted quarter-on-quarter basis according to a preliminary estimate (Q3: 0.0% s.a. qoq). Q4's reading marked the worst reading since Q4 2022. On an annual basis, economic activity declined 0.4% in Q4, from the previous quarter's 0.7% fall.
According to the statistical service, there was a marked decline in fixed investment in construction plus machinery and equipment compared to the prior quarter. A detailed breakdown will be supplied on 23 February.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects German GDP projections for the next ten years from a panel of 55 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for German GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our German GDP projections.
Want to get access to the full dataset of German GDP forecasts? Send an email to info@focus-economics.com.
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