Germany's economy shrank 2.2 percent on quarter in the three months to March 2020, following a 0.1 percent fall in the previous period and entering a recession. This was the steepest contraction in the GDP since the first quarter of 2009 and the second steepest contraction since German unification, as efforts to contain the COVID-19 pandemic forced many businesses to close and people to stay at home. Household consumption slumped 3.2 percent after being unchanged in the previous quarter, while fixed investment in machinery and equipment tumbled 6.9 percent (vs -2.0 percent in Q4) and that in other products dropped 0.3 percent (vs 1.1 percent). Net trade also contributed negatively to the GDP, as exports and imports fell. Government spending was little-changed (0.2 percent vs 0.1 percent), while investment in construction increased considerably (4.1 percent vs 0.1 percent).
GDP Growth Rate in Germany averaged 0.49 percent from 1970 until 2020, reaching an all time high of 4 percent in the second quarter of 1970 and a record low of -4.70 percent in the first quarter of 2009. 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 May of 2020. source: Federal Statistical Office
GDP Growth Rate in Germany is expected to be -10.60 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 1.50 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.