Germany's gross domestic product shrank by 9.7 percent on quarter in the April-June period, compared to a preliminary reading of a 10.1 percent plunge. This was the deepest quarterly GDP contraction on record, as efforts to contain the rapid spread of COVID-19 weighed on activity and demand. Household consumption tumbled 10.9 percent (vs -2.5 percent in Q1) and fixed investment slumped 7.9 percent (vs -0.5 percent in Q1) led by investment in machinery and equipment (-19.6 percent vs -7.3 percent) and in construction (-4.2 percent vs 5.1 percent). At the same time, exports plummeted 20.3 percent (vs -3.3 percent in Q1), while imports fell at a softer 16.0 percent (vs -1.9 percent in Q1). On a calendar-adjusted basis, the economy contracted 11.3 percent, also the steepest decline on record. source: Federal Statistical Office
GDP Growth Rate in Germany averaged 0.43 percent from 1970 until 2020, reaching an all time high of 4 percent in the second quarter of 1970 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 October of 2020.
GDP Growth Rate in Germany is expected to be 8.50 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 1.40 in 12 months time. In the long-term, the Germany GDP Growth Rate is projected to trend around 1.40 percent in 2021 and 0.60 percent in 2022, according to our econometric models.