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Tysk nul vækst i Q4, viser skøn efter årsvækst på 1,5 %

Morten W. Langer

torsdag 15. januar 2015 kl. 14:08

Tyske officiel BNP vækst på 1,5 % i 2014, modsvarer en estimeret BNP vækst omkring +0,0 – 0,1 % i 4. kvartal 2014, viser Økonomisk Ugebrev beregning.

 

 

ross domestic product
QuarterVierteljahreUnadjusted figuresFigures according to Census X-12-ARIMA
Price-adjusted, chain-linked
at current pricesPrice-adjusted, chain-linkedSeasonally and calendar-adjustedCalendar-adjusted
Euro bn%12010 = 100%12010 = 100%2%1
1 Change on the previous year or the same quarter of the preceding year in %.2 Change on the previous year or previous quarter in %.

Last update: 25 November 2014

20143rd qtr739.9603.0107.871.2105.750.11.2
2nd qtr714.7502.9104.401.0105.68– 0.11.4
1st qtr714.0504.6105.102.6105.770.82.4
20134th qtr714.2802.9104.021.0104.970.41.1
3rd qtr718.4702.7106.550.8104.500.30.3
2nd qtr694.3102.8103.360.5104.190.80.0
1st qtr682.4200.3102.42– 1.8103.37– 0.4– 0.5
20124th qtr694.1501.4103.03– 0.3103.79– 0.40.0
3rd qtr699.3901.6105.750.1104.220.10.5
2nd qtr675.6801.6102.890.3104.130.10.8
1st qtr680.6802.8104.251.5104.000.31.0
20114th qtr684.2503.0103.321.8103.680.02.3
3rd qtr688.2404.3105.673.1103.680.43.2
2nd qtr664.7505.0102.623.6103.280.23.5
1st qtr661.8606.9102.756.0103.091.85.7
20104th qtr664.1605.1101.504.4101.230.74.3
3rd qtr659.6305.2102.494.6100.490.84.6
2nd qtr633.3205.499.064.799.732.14.3
1st qtr619.1103.796.942.697.670.82.5

 

WIESBADEN – On the whole, the German economy turned out to be stable on an annual average in 2014. The price-adjusted gross domestic product (GDP) was by 1.5% higher than in the previous year and was above the average of the last ten years of 1.2%. This is shown by first calculations of the Federal Statistical Office (Destatis). In the previous two years, the GDP grew much more moderately (by 0.1% in 2013 and by 0.4% in 2012). “Obviously, the German economy turned out to be strong in a difficult global economic environment, benefiting especially from a strong domestic demand”, said Roderich Egeler, President of the Federal Statistical Office at a press conference on the gross domestic product 2014 held in Berlin today. The economic situation had stabilised towards the end of 2014, following a dynamic start into the year and the subsequent period of weakness last summer.

 

Gross domestic product, price-adjusted, chain-linked
Change on the previous year (in percent):
20042005200620072008200920102011201220132014
+1.2+0.7+3.7+3.3+1.1–5.6+4.1+3.6+0.4+0.1+1.5

 

In calendar-adjusted terms, too, the GDP growth rate was +1.5% because the number of working days in 2014 was almost the same as in 2013.

Gross domestic product, price- and calendar-adjusted, chain-linked
Change on the previous year (in percent):
20042005200620072008200920102011201220132014
+0.7+0.9+3.9+3.4+0.8–5.6+3.9+3.7+0.6+0.2+1.5

 

On the use side of the gross domestic product, final consumption expenditure was the main driving force for German economic growth. Household final consumption expenditure rose a price-adjusted 1.1%, while government final consumption expenditure was up 1.0%. Capital formation increased, too. In the domestic territory, gross fixed capital formation in machinery and equipment by businesses and general government together was up 3.7% on a year earlier. Also, price-adjusted gross fixed capital formation in construction increased considerably by 3.4%. Gross fixed capital formation in other products – which includes expenditure on research and development since the major revision of national accounts of summer 2014 – was by 1.2% higher than a year earlier. Despite a continuing difficult external economic environment, German foreign trade was slightly more dynamic on an annual average in 2014. German exports of goods and services were up a price-adjusted 3.7% on 2013. However, imports rose almost as strongly (+3.3%). The balance of exports and imports thus made a relatively small contribution of +0.4 percentage points to GDP growth in 2014.

On the production side of the gross domestic product, almost all economic sectors contributed to the stimulation of the German economy. Especially in construction, a sharp 2.7% rise in economic performance was recorded for 2014, one of the reasons being the extremely mild weather in the winter months. Industry (excluding construction), which accounts for a good quarter of total gross value added, was markedly up, too (+1.1%). A largely positive development was also observed for the services sector. Total price-adjusted gross value added of all economic sectors rose 1.4% on the previous year.

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