In the fourth quarter, GDP contacted a seasonally and working-day adjusted 0.2% over the previous quarter, which contrasted the revised 0.6% expansion observed in the third (previously reported: +0.5% quarter-on-quarter), but bettered market expectations that had GDP falling 0.5%. The fourth quarter reading represents the first contraction since the first quarter 2009. Compared to the same quarter the previous year, GDP increased 1.5% in Q4, slower than the 2.6% expansion observed in Q3. The fourth quarter contraction reflected both a deterioration in the external sector and softer growth in domestic demand. Private consumption contracted 0.2% in Q4 (Q3: +1.2% qoq), while government consumption grew just 0.1% in the final three-month period (Q3: +0.6% qoq). On the other hand, gross fixed investment accelerated from a 0.3% expansion in the third quarter to a 1.1% increase in the fourth. Exports of goods and services swung from a 2.6% expansion in Q3 to a 0.8% contraction in Q4. In the same vein, imports fell 0.3% over the previous quarter, which contrasted the 2.7% expansion observed in the third quarter. As a result, the external sector's net contribution to overall economic growth deteriorated from a 0.1 percentage-point contribution in the third quarter to an 0.3 percentage-point detraction in the fourth. For the full year 2011 the economy grew 3.0%, which follows the strong 3.7% expansion registered in 2010. The Bundesbank, however, anticipates that economic growth will moderate to only 0.6% this year, before accelerating to 1.8% in 2013.
GDP contracts in the last quarter of 2011
February 24, 2012
Looking for forecasts related to GDP in Germany? Download a sample report now.
Germany Economic News
October 24, 2016
The Markit Flash Composite Purchasing Managers’ Index (PMI) rose from 52.8 in September to 55.1 in October.
October 10, 2016
The seasonally- and calendar-adjusted trade surplus increased from EUR 19.4 billion in July to EUR 22.2 billion in August, driven up by recovering exports.
October 7, 2016
In August, industrial production rose 2.5% from the previous month in seasonally-adjusted terms, in contrast to July’s large 1.6% drop, which had been the lowest reading in nearly two years.
September 29, 2016
Consumer prices in September rose 0.1% in a month-on-month comparison, according to preliminary data released by the Federal Statistics Office (Destatis) on 29 September.
September 28, 2016
Heading into October, the mood among German consumers weakened slightly but still stayed at a high level.