Germany GDP 1Q2014

by Eduardo Petazze
In the first quarter of 2014, the gross domestic product (GDP) rose 0.82% Q/Q, SA (+2.51% Y/Y, NSA)
Price-adjusted gross value added at the beginning of 2014 was higher than a year earlier in all economic sectors
The economic performance in the 1Q2014 was achieved by 41.7 million persons in employment, an increase of 344,000 or 0.8% Y/Y
For 2014 we have revised up the expected growth from 1.1% to 1.5%

Revision previous own estimate (May 26, 2014)

Revision previous estimate
Million (2005) euros
2014Q1
2014Q2
2014Q3
2014Q4
2014
Last data
Own estimate

Previous own estimate

Last (own) estimate
NSA
Y/Y
SAWD
Q/Q
WDA
Y/Y
SAWD
Q/Q
621,441.8 2.51%
629,218.3 0.93%
623,388.1 2.27%
630,631.5 0.82%
623,365.8 1.01%
627,090.8 -0.34%
625,527.4 1.47%
630,169.5 -0.07%
634,175.7 -0.44%
623,031.4 -0.65%
643,922.7 1.20%
630,941.9 0.12%
630,741.1 1.40%
630,383.9 1.18%
631,129.2 1.12%
632,224.5 0.20%
2,509,724.4 1.10% 2,509,724.4 1.10% 2,523,967.4 1.51% 2,523,967.4 1.51%

Released on May 23, 2014

press release English - html
press release German pdf, 8 pages
Indices:
Gross domestic product at current prices and price-adjusted - Seasonally and calendar adjusted figures
Gross value added by selected industries - Persons engaged (domestic concept) by industry
Use of gross domestic product
Gross fixed capital formation
Private consumption, SA
Exports of goods
Imports of goods
Summary
Gross data
Millions (2005) euro, chain-linked volumes, NSA
2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2
Agriculture, forestry and fishing
3,661
3,861
3,984
3,715
3,905
3,897
Industry (except construction)
136,749 143,936 144,101 144,531 141,785 146,153
Manufacturing
121,357 129,475 129,961 128,514 127,189 132,211
Construction
18,722 21,619 23,248 20,396 20,031 22,157
Wholesale and retail trade, transport, accomodation and food
78,914 88,544 90,218 86,984 81,519 90,240
Information and communication
30,678 29,297 30,989 29,570 31,246 29,860
Financial and insurance activities
28,404 28,441 28,766 28,141 28,485 28,249
Real estate activities
65,312 64,761 66,800 64,743 65,731 65,499
Professional, scientific and technical activities; administrative
62,389 59,587 65,554 63,028 64,716 61,445
Administration, defence, education, human health and social work
100,280 97,378 100,360 99,479 101,473 98,055
Arts, entertainment and recreation; other service activities;
24,226 23,402 24,663 24,199 24,315 23,396
Discrepancy
307
855
1,104
807
680
924
GVA
549,642 561,681 579,788 565,593 563,888 569,876
Taxes less subsidies on products
56,483 55,698 57,405 56,592 57,557 56,443
Discrepancy
79
-275
-236
-132
-3
-275
GDP
606,205 617,104 636,957 622,054 621,442 626,044
Final consumption expenditure of households
324,055 341,786 353,150 346,115 327,556 345,843
Final consumption expenditure of NPISH
9,862
9,978
9,987 10,485 10,151 10,293
Final consumption expenditure of general government
117,689 115,321 117,334 120,245 118,305 116,090
Gross capital formation
110,428 102,707 119,205 98,136 121,231 106,122
Gross fixed capital formation
90,557 109,982 114,114 113,086 97,852 112,684
Changes in inventories
19,871 -7,275
5,091 -14,950 23,379 -6,563
Exports of goods and services
315,218 326,385 325,627 334,151 332,474 336,907
Imports of goods and services
270,437 278,528 287,764 286,539 287,161 288,593
Discrepancy
-610
-543
-582
-539 -1,114
-617
Memo: Trade balance current million euros
37,950 44,150 41,690 46,400 41,450
Exports of goods and services
340,990 349,110 347,260 355,270 355,250
Imports of goods and services
303,040 304,960 305,570 308,870 313,800
Y/Y
2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2
Agriculture, forestry and fishing
-2.19% -1.18% -0.94% 0.57% 6.66% 0.93%
Industry (except construction)
-4.03% 0.79% 0.95% 2.89% 3.68% 1.54%
Manufacturing
-4.52% 1.04% 1.03% 3.29% 4.81% 2.11%
Construction
-7.46% -1.02% 1.05% 2.03% 6.99% 2.49%
Wholesale and retail trade, transport, accomodation and food
-2.37% 1.03% 2.22% 2.23% 3.30% 1.92%
Information and communication
1.17% 1.55% 0.35% 0.43% 1.85% 1.92%
Financial and insurance activities
-0.30% -3.47% -3.37% -7.50% 0.29% -0.68%
Real estate activities
1.20% 0.98% 1.02% 1.40% 0.64% 1.14%
Professional, scientific and technical activities; administrative
1.21% 3.85% 4.01% 3.60% 3.73% 3.12%
Administration, defence, education, human health and social work
-0.23% 0.28% 0.01% 0.54% 1.19% 0.70%
Arts, entertainment and recreation; other service activities;
-1.92% -0.41% -0.37% 0.00% 0.37% -0.02%
GVA
-1.54% 0.80% 1.07% 1.52% 2.59% 1.46%
Taxes less subsidies on products
-1.79% 1.80% 1.46% -0.82% 1.90% 1.34%
GDP
-1.56% 0.89% 1.10% 1.28% 2.51% 1.45%
Final consumption expenditure of households
-0.56% 1.22% 1.71% 0.84% 1.08% 1.19%
Final consumption expenditure of NPISH
4.52% 4.24% 4.54% 4.38% 2.93% 3.16%
Final consumption expenditure of general government
0.39% 0.28% 0.75% 0.10% 0.52% 0.67%
Gross capital formation
-3.69% 0.18% 2.68% 2.14% 9.78% 3.32%
Gross fixed capital formation
-7.21% 0.20% 1.64% 1.26% 8.06% 2.46%
Exports of goods and services
-2.64% 1.46% 0.92% 3.98% 5.47% 3.22%
Imports of goods and services
-1.42% 1.54% 2.25% 3.69% 6.18% 3.61%
Memo: Trade balance current million euros
2.46% 9.66% -2.30% 17.89% 9.22%
Exports of goods and services
-0.35% 0.30% -0.78% 3.27% 4.18%
Imports of goods and services
-0.69% -0.93% -0.57% 1.39% 3.55%
Seasonally adjusted data
Millions (2005) euro, chain-linked volumes, SAWD
2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2
Agriculture, forestry and fishing
3,779
3,795
3,811
3,838
4,020
3,902
Industry (except construction)
141,327 142,314 142,921 145,072 145,477 144,883
Manufacturing
126,170 127,484 127,639 130,234 131,195 130,527
Construction
21,040 20,903 21,183 21,281 22,213 21,696
Wholesale and retail trade, transport, accomodation and food
85,387 86,563 86,359 87,184 87,976 88,051
Information and communication
29,973 30,066 30,210 30,371 30,497 30,570
Financial and insurance activities
28,513 28,247 28,796 28,267 28,579 28,211
Real estate activities
65,203 65,157 65,438 65,818 65,588 65,901
Professional, scientific and technical activities; administrative
61,516 62,707 63,225 63,286 63,711 64,459
Administration, defence, education, human health and social work
98,911 99,383 99,374 100,042 100,024 100,065
Arts, entertainment and recreation; other service activities;
23,973 24,171 24,210 24,189 24,048 24,118
Discrepancy
719
745
731
873
996
888
GVA
560,339 564,051 566,258 570,220 573,130 572,744
Taxes less subsidies on products
56,426 57,118 56,971 55,652 57,614 57,543
Discrepancy
-92
-47
-105
-357
-112
-117
GDP
616,673 621,122 623,124 625,515 630,632 630,169
Final consumption expenditure of households
339,374 341,730 342,812 341,443 343,926 344,922
Final consumption expenditure of NPISH
9,963 10,000 10,029 10,335 10,283 10,336
Final consumption expenditure of general government
117,566 117,295 118,067 117,660 118,161 118,117
Gross capital formation
107,705 106,390 109,088 108,694 116,713 112,392
Gross fixed capital formation
105,563 106,870 108,244 108,994 112,512 110,436
Changes in inventories
2,143
-480
844
-300
4,201
1,956
Exports of goods and services
318,883 326,810 326,442 334,484 335,036 336,668
Imports of goods and services
276,375 280,511 282,719 286,353 292,677 291,645
Discrepancy
-444
-592
-596
-749
-810
-621
Last data
Own estimate
Q/Q
2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2
Gross value added (at basic prices)
-0.04% 0.66% 0.39% 0.70% 0.51% -0.07%
Agriculture, forestry and fishing
-1.11% 0.43% 0.42% 0.71% 4.75% -2.95%
Industry (except construction)
0.80% 0.70% 0.43% 1.51% 0.28% -0.41%
Manufacturing
0.64% 1.04% 0.12% 2.03% 0.74% -0.51%
Construction
1.38% -0.65% 1.34% 0.46% 4.38% -2.33%
Wholesale and retail trade, transport, accomodation and food
0.31% 1.38% -0.24% 0.96% 0.91% 0.09%
Information and communication
-0.90% 0.31% 0.48% 0.53% 0.41% 0.24%
Financial and insurance activities
-6.76% -0.93% 1.94% -1.84% 1.11% -1.29%
Real estate activities
0.49% -0.07% 0.43% 0.58% -0.35% 0.48%
Professional, scientific and technical activities; administrative
0.76% 1.94% 0.83% 0.10% 0.67% 1.17%
Administration, defence, education, human health and social work
-0.63% 0.48% -0.01% 0.67% -0.02% 0.04%
Arts, entertainment and recreation; other service activities;
-0.90% 0.83% 0.16% -0.08% -0.58% 0.29%
GVA
-0.04% 0.66% 0.39% 0.70% 0.51% -0.07%
Taxes less subsidies on products
0.38% 1.23% -0.26% -2.32% 3.53% -0.12%
GDP
0.00% 0.72% 0.32% 0.38% 0.82% -0.07%
Final consumption expenditure of households
0.25% 0.69% 0.32% -0.40% 0.73% 0.29%
Final consumption expenditure of NPISH
0.58% 0.37% 0.29% 3.05% -0.51% 0.52%
Final consumption expenditure of general government
0.01% -0.23% 0.66% -0.34% 0.43% -0.04%
Gross capital formation
1.83% -1.22% 2.54% -0.36% 7.38% -3.70%
Gross fixed capital formation
-1.42% 1.24% 1.29% 0.69% 3.23% -1.84%
Exports of goods and services
-0.70% 2.49% -0.11% 2.46% 0.16% 0.49%
Imports of goods and services
0.23% 1.50% 0.79% 1.29% 2.21% -0.35%

2014Q3
4,055
146,234
132,534
23,825
91,921
31,496
28,526
67,492
67,430
101,014
24,648
1,212
587,852
58,148
-234
645,767
357,128
10,308
118,066
123,095
116,838
6,257
335,847
297,742
-936

2014Q4
3,802
146,675
131,012
20,903
88,673
30,030
27,852
65,406
64,928
100,111
24,174
966
573,520
57,329
-134
630,715
350,002
10,814
120,951
101,564
115,787
-14,223
344,245
296,403
-458

2014Q3 2014Q4
1.76% 2.34%
1.48% 1.48%
1.98% 1.94%
2.48% 2.48%
1.89% 1.94%
1.63% 1.55%
-0.83% -1.02%
1.04% 1.02%
2.86% 3.01%
0.65% 0.64%
-0.06% -0.10%
1.39% 1.40%
1.30% 1.30%
1.38% 1.39%
1.13% 1.12%
3.22% 3.13%
0.62% 0.59%
3.26% 3.49%
2.39% 2.39%
3.14% 3.02%
3.47% 3.44%

2014Q3
3,867
144,816
130,137
21,525
87,975
30,711
28,283
66,171
65,023
100,092
24,177
923
573,561
57,520
-139
630,942
346,037
10,380
118,585
111,685
110,111
1,574
337,131
292,040
-837

2014Q4
3,870
145,672
131,087
21,482
88,351
30,854
28,039
66,469
65,326
100,471
24,190
976
575,701
56,800
-277
632,225
345,644
10,566
118,548
111,223
110,102
1,121
340,639
293,537
-858

2014Q3 2014Q4
0.14% 0.37%
-0.89% 0.09%
-0.05% 0.59%
-0.30% 0.73%
-0.79% -0.20%
-0.09% 0.43%
0.46% 0.47%
0.25% -0.86%
0.41% 0.45%
0.87% 0.47%
0.03% 0.38%
0.25% 0.05%
0.14% 0.37%
-0.04% -1.25%
0.12% 0.20%
0.32% -0.11%
0.43% 1.79%
0.40% -0.03%
-0.63% -0.41%
-0.29% -0.01%
0.14% 1.04%
0.14% 0.51%

Released on May 15, 2014

Links:
English (htlm)
German pdf, 3 pages

Summary
As reported
quarter

2010 Q1
Q2
Q3
Q4
2011 Q1
Q2
Q3
Q4
2012 Q1
Q2
Q3
Q4
2013 Q1
Q2
Q3
Q4
2014 Q1

At current prices
Price-adjusted, chain-linked
figures using Census X-12-ARIMA
seasonally and calendar
unadjusted figures
adjusted figures using
unadjusted figures calendar calendar
seasonally and
calendar adjusted 3)
Census X-12-ARIMA
factors 1) effect 2)
calendar adjusted
EUR bn.
% 4)
EUR bn.
% 5)
2005=100
% 4)
% 4)
2005=100
% 4)
2005=100
% 5)
597.83
4.21
608.05
0.67
102.96
2.72
99.92
0.13
103.04
2.59
104.35
0.48
611.76
5.94
620.61
2.07
105.80
4.67
100.11
0.38
105.69
4.27
106.44
2.00
640.76
5.25
627.10
1.05
109.69
4.42
100.19
-0.01
109.48
4.43
107.30
0.81
644.65
4.94
633.93
1.09
108.74
4.19
100.61
0.08
108.08
4.10
108.20
0.84
638.14
6.74
646.70
2.01
108.78
5.65
100.22
0.30
108.54
5.34
109.86
1.53
640.93
4.77
649.61
0.45
109.38
3.38
100.20
0.09
109.16
3.28
109.96
0.09
667.91
4.24
653.91
0.66
112.83
2.86
100.09
-0.10
112.72
2.96
110.43
0.43
662.92
2.83
655.80
0.29
110.45
1.57
100.08
-0.53
110.36
2.11
110.54
0.10
657.70
3.07
663.16
1.12
110.74
1.80
100.70
0.48
109.97
1.32
111.27
0.66
653.15
1.91
665.49
0.35
109.99
0.56
99.68
-0.52
110.35
1.09
111.18
-0.08
680.82
1.93
669.68
0.63
113.29
0.41
99.61
-0.49
113.74
0.90
111.40
0.20
674.73
1.78
669.68
0.00
110.45
0.00
99.80
-0.28
110.67
0.28
110.89
-0.46
660.62
0.44
674.44
0.71
109.01
-1.56
99.45
-1.24
109.61
-0.33
110.89
0.00
675.22
3.38
684.96
1.56
110.97
0.89
100.10
0.43
110.86
0.46
111.69
0.72
703.88
3.39
688.85
0.57
114.54
1.10
100.10
0.49
114.42
0.60
112.05
0.32
697.88
3.43
693.88
0.73
111.86
1.28
99.67
-0.13
112.23
1.41
112.48
0.38
689.05
4.30
701.76
1.14
111.75
2.51
99.69
0.24
112.10
2.27
113.40
0.82

1) Source: Deutsche Bundesbank. 2) Change of the calendar factors on the same quarter of the preceding year. 3) Unadjusted figures divided by calendar
factors. 4) Change on the same quarter of the preceding year. 5) Change on the previous quarter.
Column H = NSA, Y/Y (%) - Column N = SAWD, Q/Q (%)
(from 2008Q1 to 2014Q1)
Gross domestic product
price-adjusted, chain-linked index (2005=100)
6

Q2
Q3
06/30/1905

Q4

Q2
Q3
07/01/1905

Q4

Q2
Q3
07/02/1905

Q4

Q2
Q3
07/03/1905

Column H

Q4

Q2
Q3
07/04/1905

Q4

Q2
Q3
07/05/1905

8
Q4
07/06/1905

Column N

According EuroStat standards

Raw and seasonally adjusted data
GDP, chain-linked volumes million (2005) euros
NSA
2005=100 Y/Y
SA
2005=100
572,560.6
102.965 2.72% 579,845.5
104.275
588,353.8
105.805 4.67% 592,524.5
106.555
609,986.1
109.695 4.42% 597,863.1
107.515
604,703.1
108.745 4.19% 605,370.5
108.865
604,925.6
108.785 5.65% 612,252.3
110.103
608,262.2
109.385 3.38% 612,697.1
110.183
627,447.6
112.836 2.86% 614,699.0
110.543
614,212.5
110.456 1.57% 615,199.5
110.633
615,825.1
110.746 1.80% 623,068.5
112.048
611,654.4
109.996 0.56% 616,228.3
110.818
630,005.7
113.296 0.41% 617,006.8
110.958
614,212.5
110.456 0.00% 615,394.1
110.668
606,204.6
109.015 -1.56% 613,253.3
110.283
617,104.2
110.976 0.89% 621,761.5
111.813
636,956.9
114.546 1.10% 623,819.0
112.183
622,053.5
111.866 1.28% 623,485.3
112.123
621,441.8
111.756 2.51% 628,712.6
113.063
623,365.8
112.102 1.01%
634,175.7
114.046 -0.44%
630,741.1
113.428 1.40%
630,005.3
113.296 1.38%

2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
Last data
Own estimate

Q/Q
-0.13%
2.19%
0.90%
1.26%
1.14%
0.07%
0.33%
0.08%
1.28%
-1.10%
0.13%
-0.26%
-0.35%
1.39%
0.33%
-0.05%
0.84%

Trend 2005=100
585,508.8
105.294
591,366.0
106.347
596,955.5
107.352
601,773.4
108.219
608,758.3
109.475
612,934.0
110.226
615,651.6
110.714
617,504.0
111.047
616,603.9
110.886
617,237.2
110.999
618,385.5
111.206
619,471.1
111.401
618,949.6
111.307
620,031.4
111.502
621,023.0
111.680
622,315.3
111.913
624,931.8
112.383
627,324.0
112.813
628,259.8
112.982
629,208.8
113.152
636,991.5
114.552

Own estimate
Y/Y
SA
2005=100
2.09% 583,625.9
104.955
3.58% 593,993.3
106.819
4.82% 596,754.3
107.316
5.56% 601,230.0
108.121
3.97% 610,952.1
109.869
3.65% 612,689.8
110.182
3.13% 615,172.2
110.628
2.61% 616,033.8
110.783
1.29% 621,639.8
111.791
0.70% 616,028.0
110.782
0.44% 616,906.6
110.940
0.32% 617,123.4
110.979
0.38% 611,834.0
110.028
0.45% 621,295.7
111.729
0.43% 625,756.4
112.532
0.46% 623,433.1
112.114
0.97% 629,218.3
113.154
1.18% 627,090.8
112.771
1.17% 623,031.4
112.041
1.11% 630,383.9
113.364
1.93% 637,460.4
114.636

Q/Q
0.89%
1.78%
0.46%
0.75%
1.62%
0.28%
0.41%
0.14%
0.91%
-0.90%
0.14%
0.04%
-0.86%
1.55%
0.72%
-0.37%
0.93%
-0.34%
-0.65%
1.18%
1.12%

Own estimate
Y/Y
SAWD 2005=100
2.02% 583,051.3
105.001
3.42% 592,431.6
106.691
4.59% 595,773.7
107.293
5.41% 599,342.1
107.935
3.95% 610,621.3
109.966
3.66% 610,663.1
109.974
3.23% 613,699.7
110.521
2.77% 616,193.5
110.970
1.49% 618,049.9
111.304
0.98% 618,119.0
111.317
0.66% 619,159.8
111.504
0.47% 617,814.9
111.262
0.52% 615,512.0
110.847
0.59% 620,801.3
111.800
0.52% 625,278.0
112.606
0.51% 624,843.0
112.528
0.97% 629,948.1
113.447
1.13% 628,565.6
113.198
1.18% 624,202.4
112.412
1.15% 631,211.6
113.675
1.99% 638,817.2
115.044

Q/Q
1.16%
1.61%
0.56%
0.60%
1.88%
0.01%
0.50%
0.41%
0.30%
0.01%
0.17%
-0.22%
-0.37%
0.86%
0.72%
-0.07%
0.82%
-0.22%
-0.69%
1.12%
1.20%

Data adjusted by working days and adjusted seasonally and working days
GDP, chain-linked volumes million (2005) euros
WDA
2005=100 Y/Y
SAWD 2005=100 Q/Q
573,005.4
103.192 2.59% 580,290.4
104.504 0.48%
587,742.1
105.846 4.27% 591,912.8
106.597 2.00%
608,818.3
109.642 4.43% 596,695.3
107.459 0.81%
601,032.9
108.240 4.10% 601,700.2
108.360 0.84%
603,590.9
108.700 5.34% 610,917.6
110.020 1.53%
607,038.8
109.321 3.28% 611,473.7
110.120 0.09%
626,835.9
112.887 2.96% 614,087.3
110.591 0.43%
613,712.0
110.523 2.11% 614,699.0
110.701 0.10%
611,543.2
110.132 1.32% 618,758.6
111.432 0.66%
613,656.3
110.513 1.09% 618,258.1
111.342 -0.08%
632,508.2
113.908 0.90% 619,481.5
111.562 0.20%
615,435.9
110.833 0.28% 616,645.4
111.051 -0.46%
609,541.2
109.772 -0.33% 616,673.1
111.056 0.00%
616,492.5
111.024 0.46% 621,122.0
111.857 0.72%
636,289.6
114.589 0.60% 623,124.0
112.218 0.32%
624,111.0
112.396 1.41% 625,515.3
112.649 0.38%
623,388.1
112.266 2.27% 630,631.5
113.570 0.82%
624,146.3
112.402 1.24%
634,389.8
114.247 -0.30%
632,003.6
113.817 1.26%
631,552.3
113.736 1.31%

2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
Last data
Own estimate

Trend 2005=100
584,526.2
105.267
590,053.1
106.262
595,503.5
107.244
600,515.9
108.147
607,606.7
109.424
611,651.5
110.152
614,764.4
110.713
617,155.0
111.143
616,660.8
111.054
617,624.7
111.228
618,807.9
111.441
620,050.2
111.664
619,889.0
111.635
621,283.1
111.887
622,055.3
112.026
623,206.9
112.233
625,887.2
112.716
628,273.3
113.145
629,399.0
113.348
630,368.2
113.523
638,319.2
114.955