Germany's gross domestic product shrank by 2.3 percent year-on-year in the first quarter of 2020, following a 0.4 percent growth in the previous three month-period. That was the steepest contraction in the GDP since the global financial and economic crisis of 2008/2009, due to the coronavirus crisis. On an unadjusted basis, the economy shrank by 1.9 percent, also the sharpest contraction in 11 years.

GDP Annual Growth Rate in Germany averaged 1.96 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 -6.90 percent in the first quarter of 2009. 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 May of 2020. source: Federal Statistical Office

GDP Annual Growth Rate in Germany is expected to be -11.40 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 -2.00 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
-2.30 0.40 7.20 -6.90 1971 - 2020 percent Quarterly
WDA


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.