Germany GDP Growth Rate

Last Release

Sep 30, 2024

Actual

0.2

Units In

-0.1

Frequency

Quarterly

Next Release

Nov 22, 2024

Time to Release

22 Days 6 Hours

Highest	Lowest	Average	Date Range	Source
9 Sep 2020	-10 Jun 2020	0.46 %	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 expanded 0.2% qoq in Q3 2024, rebounding from a 0.3% fall in Q2, and beating forecasts of a 0.1% contraction, preliminary estimates showed. Government and household final consumption in particular, were up. Data for Q2 was revised to show the economy contracted at a sharper 0.3%, compared to previous estimates of a 0.1% decline. Year-on-year, the GDP shrank 0.2%, a sixth consecutive quarter of no growth, following a downwardly revised 0.3% fall in Q2. The German government projects a 0.2% contraction in GDP for 2024, marking the country’s first two-year recession since the early 2000s, following a 0.3% decline in 2023. The economy faces significant headwinds, including elevated energy costs, weak external demand, and a loss of competitiveness in the auto sector. However, the government expects a recovery in 2025, forecasting a 1.1% GDP growth driven by a rebound in private consumption, renewed demand for industrial exports, and a turnaround in investment activity.