Germany's gross domestic product shrank by 11.3 percent year-on-year in the second quarter of 2020, compared to a preliminary reading of an 11.7 percent plunge. This was the deepest economic contraction on record, as efforts to contain the rapid spread of COVID-19 hit activity and demand. source: Federal Statistical Office

GDP Annual Growth Rate in Germany averaged 1.88 percent from 1971 until 2020, reaching an all time high of 7.20 percent in the first quarter of 1973 and a record low of -11.30 percent in the second quarter of 2020. This page provides the latest reported value for - Germany GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Germany GDP Annual Growth Rate - values, historical data and charts - was last updated on October of 2020.

GDP Annual Growth Rate in Germany is expected to be -8.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Germany to stand at 9.20 in 12 months time. In the long-term, the Germany GDP Annual Growth Rate is projected to trend around 6.50 percent in 2021 and 2.50 percent in 2022, according to our econometric models.

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Germany GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-11.30 -2.20 7.20 -11.30 1971 - 2020 percent Quarterly

Germany GDP Annual Growth Rate
The German economy - the fifth largest economy in the world and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. 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 account for 39 percent, adding 7 percent to total GDP.