Brandenburg Gate in Berlin, Germany

GDP in Germany

Germany GDP

Revised GDP figures show economy entered technical recession in Q1

The statistical office revised down GDP growth in the first quarter to minus 0.3% seasonally adjusted quarter on quarter (preliminary reading: 0.0% s.a. qoq; Q4 2022: -0.5% s.a. qoq). The downward revision means the economy entered a technical recession in Q1.

Household spending contracted at a more moderate pace of 1.2% seasonally adjusted quarter-on-quarter in Q1 compared to a 1.7% contraction in Q4. Public consumption, meanwhile, contracted at a more pronounced rate of 4.9% in Q1 (Q4 2022: +0.2% s.a. qoq). Additionally, fixed investment growth hit an over two-year high of 3.0% in the first quarter (Q4: -2.6% s.a. qoq).

Exports of goods and services bounced back, growing 0.4% in Q1 (Q4 2022: -1.3% s.a. qoq). In addition, imports of goods and services contracted at a milder rate of 0.9% in Q1 (Q4 2022: -2.4% s.a. qoq).

On an annual basis, economic activity contracted 0.2% in Q1, contrasting the previous period’s 0.2% growth. Q1’s reading marked the largest contraction since Q1 2021.

Looking ahead, 23 of the 28 panelists polled by FocusEconomics expect the economy to rebound in Q2. Private consumption should contract at a softer pace than in the prior quarter, with red-hot inflation cooling gradually.

Germany GDP Chart

This chart displays Economic Growth (GDP, annual variation in %) for Germany from 2013 to 2022.

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

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