Germany GDP Growth Rate

Last Release

Dec 31, 2024

Actual

-0.2

Units In

0.1

Frequency

Quarterly

Next Release

Feb 24, 2025

Time to Release

24 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
9 Sep 2020	-10 Jun 2020	0.45 %	1970-2024	Federal Statistical Office

Germany is the fifth largest economy in the world and the largest within the Euro Area. Germany is the second largest exporter in the world and exports account for more than one-third of national output. As such, the export of high added value products has been the main driver of growth in recent years. Composition of the GDP on the expenditure side: household consumption (55 percent), gross capital formation (20 percent, of which 10 percent in construction, 6 percent in machinery and equipment and 4 percent in other products) and government expenditure (19 percent). Exports of goods and services account for 46 percent of GDP while imports for 39 percent, adding 7 percent to total GDP.

Latest Updates

The German economy contracted 0.2% on quarter in the last three months of 2024, following a 0.1% expansion in Q3 and worse than forecasts of a 0.1% fall, preliminary estimates showed. Exports were significantly lower, offsetting a rise in private and government consumption. Year-on-year, the GDP also contracted 0.2%. Considering the full 2024, the German economy shrank 0.2%, following a 0.3% drop in 2023. For 2025, the government revised its 2025 growth forecasts lower to 0.3% from 1.1%. The economy minister stated that it is increasingly evident that Germany faces deep-rooted structural challenges, including a shortage of skilled labor, excessive bureaucracy, and weak investment in both the private and public sectors. The economy is facing considerable challenges, including soaring energy prices, weak external demand, and a decline in competitiveness. With parliamentary elections scheduled for February, business leaders are likely to call for reduced energy prices and taxes.