Press Gross domestic product increased also in 4^th quarter of 2015

Press release No. 044 of 12 February 2016

WIESBADEN – The German economy continued its moderate growth at the end of 2015. In the fourth quarter of 2015, the gross domestic product (GDP) rose 0.3% on the previous quarter after adjustment for price, seasonal and calendar variations. The economic situation in Germany in 2015 was characterised by solid and steady growth (+0.3% in the third and fourth quarter each and +0.4% in each of the first two quarters). The Federal Statistical Office (Destatis) also reports that this results in a +1.7% average increase (calendar-adjusted: +1.4%) for the whole year of 2015. The provisional result released in January has largely been confirmed.

In a quarter-on-quarter comparison (adjusted for price, seasonal and calendar variations), positive contributions were made by domestic demand again. General government final consumption expenditure was markedly up, while household final consumption expenditure rose slightly again. A positive development was also observed for capital formation. Especially gross fixed capital formation in construction was markedly up on the third quarter of 2015. According to provisional calculations, the development of foreign trade had a downward effect on growth because the exports of goods were down on the previous quarter. Imports decreased, too, though less strongly.

In a year-on-year comparison, economic growth accelerated since summer when measured by the unadjusted figures. The price-adjusted GDP in the fourth quarter of 2015 rose by +2.1%, following increases of +1.7% in the third quarter of 2015 and of +1.6% in the second quarter of 2015. However, in the last quarter of 2015 there were two working days more than a year earlier, which produced an above-average calendar effect. Consequently, the calendar-adjusted increase (+1.3%) was slightly smaller than in the third (+1.7%) and second quarter (+1.6%).

The statistical carry-over effect at the end of 2015 is +0.4%. This is the rate of GDP change which would be obtained for 2016 if the seasonally and calendar-adjusted GDP remained at the level of the fourth quarter of 2015 for all quarters of 2016.

The economic performance in the fourth quarter of 2015 was achieved by 43.4 million persons in employment, which was an increase of 412,000, or 1.0%, on a year earlier.

In addition to calculating first data for the fourth quarter of 2015, the Federal Statistical Office revised the national accounting results published previously for the first three quarters of 2015 and the year of 2015. This resulted in slight corrections of the rates of change of the price-adjusted gross domestic product.

More detailed results will be released by the Federal Statistical Office on 23 February 2016.

A long time series with quarterly results on the gross domestic product starting with the first quarter of 1970 is available here.