Germany's economy shrank 1.8 percent on quarter in the three months to March 2021, slightly worse than a preliminary estimate of 1.7 percent fall and following a 0.5 percent growth in the previous period. Europe's largest economy slipped back into contraction after a partial recovery in the second half of 2020, due to restrictions imposed to contain the coronavirus pandemic. Household consumption fell by 5.4 percent and investment in machinery and equipment was down 0.2 percent. In addition, net external demand contributed negatively to the GDP as imports rose 3.8 percent and imports increased at a softer 1.8 percent. Meanwhile, gross fixed capital formation in construction grew by 1.1 percent and government spending was 0.2 percent higher. Compared with the fourth quarter of 2019, the quarter before the coronavirus crisis hit the economy, GDP was 5.0 percent lower. source: Federal Statistical Office
GDP Growth Rate in Germany averaged 0.46 percent from 1970 until 2021, reaching an all time high of 8.70 percent in the third quarter of 2020 and a record low of -9.70 percent in the second quarter of 2020. This page provides the latest reported value for - Germany GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Germany GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2021.
GDP Growth Rate in Germany is expected to be 1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Germany to stand at 1.10 in 12 months time. In the long-term, the Germany GDP Growth Rate is projected to trend around 0.50 percent in 2022 and 0.40 percent in 2023, according to our econometric models.