Press release No. 398 of 24 August 2021
Gross domestic product, 2nd quarter of 2021
+1.6% on the previous quarter (price-, seasonally and calendar-adjusted)
+9.8% on the same quarter a year earlier (price-adjusted)
+9.4% on the same quarter a year earlier (price- and calendar-adjusted)
WIESBADEN – The gross domestic product (GDP) rose by 1.6% in the second quarter of 2021 compared with the first quarter of 2021 after adjustment for price, seasonal and calendar variations. After the coronavirus crisis had caused another decline in economic performance at the beginning of 2021 (-2.0% in the first quarter, according to most recent calculations), the German economy recovered in the second quarter. The Federal Statistical Office (Destatis) reports that the increase by 0.1 percentage points was larger than reported in the first release of 30 July 2021. Compared with the fourth quarter of 2019, the quarter before the coronavirus crisis began, GDP was 3.3% lower.
| 2019 | 2020 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr |
| 1.1 | -0.5 | 0.4 | -0.1 | -1.8 | -10.0 | 9.0 | 0.7 | -2.0 | 1.6 |
Domestic demand substantially up
As the restrictions imposed during the coronavirus pandemic were more and more reduced, final consumption expenditure in the second quarter of 2021 was markedly up compared with the beginning of the year. Household final consumption expenditure increased by 3.2% on the first quarter (price-, seasonally and calendar-adjusted), while government final consumption expenditure rose by 1.8%. Gross fixed capital formation, too, was slightly higher than at the beginning of the year. Gross fixed capital formation in machinery and equipment increased by 0.3%, after adjustment for price, seasonal and calendar variations, as did gross fixed capital formation in construction.
Foreign trade, too, was up on the first quarter of 2021. In the second quarter of 2021, exports of goods and services were up 0.5% compared with the first quarter of 2021, after price, seasonal and calendar adjustment. There was a larger quarter-on-quarter increase in imports (+2.1%).
Gross value added up in service sector and down in industry
In the second quarter of 2021, the price-, seasonally and calendar-adjusted gross value added increased by 1.0%. However, individual economic sectors showed diverging trends. Gross value added was up, in part markedly, in public services, education, health (+3.8%) and in trade, transport, accommodation and food services (+1.1%), whereas it rose just slightly in construction (+0.1%) as compared to the first quarter of 2021. In contrast, manufacturing recorded a 1.3% decrease of gross value added in the second quarter of 2021.
Marked increase of gross domestic product, year on year
GDP in the second quarter of 2021 was up a price-adjusted 9.8% and a price- and calendar adjusted 9.4% compared with the second quarter of 2020, when the economic performance had been sharply down as a result of the coronavirus crisis.
| 2019 | 2020 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr |
| 1.5 | 0.1 | 1.8 | 0.7 | -1.5 | -11.3 | -3.6 | -1.9 | -3.3 | 9.8 |
Domestic and foreign demand up on a year earlier
Domestic demand grew markedly also year on year. Household final consumption expenditure rose by a price-adjusted 6.0% in the second quarter of 2021, government final consumption expenditure by 3.7%. Gross fixed capital formation in machinery and equipment was markedly up in the second quarter of 2021 (+20.4%), following the massive slump in the same quarter of the previous year. Gross fixed capital formation in construction, too, grew 2.9% on the second quarter of 2020.
Substantial increases were also recorded for foreign trade compared with the second quarter of 2020 that had been particularly affected by the first coronavirus wave. Exports of goods and services rose by 26.5% (price-adjusted) in the second quarter of 2021 on the same quarter of the previous year. There was a slightly smaller increase in imports (+20.1%) over the same period. The increase in German exports of goods was larger than the increase in imports of goods. In the second quarter of 2021, German exports and imports of services, too, rose for the first time after four quarters of sharp declines.
Gross value added up in almost all economic sectors compared with a year earlier
After two-digit decreases in price-adjusted gross value added had been recorded for many economic sectors in summer 2020, economic performance in the second quarter of 2021 was markedly up on the second quarter of 2020 in almost all economic sectors. The largest increase was observed in manufacturing (+21.9%), followed by trade, transport, accommodation and food services (+11.0%) and public services, education, health (+10.2%). Substantial increases in gross value added on the second quarter of 2020 were also recorded for business services (+9.6%) and other services (+8.1%), which include entertainment and recreation. Construction recorded a relatively small increase in gross value added (+0.5%).
Total price-adjusted gross value added in the second quarter of 2021 was up 10.0% on the second quarter of 2020.
Year-on-year decline in employment coming to a halt
The economic performance in the second quarter of 2021 was achieved by roughly 44.7 million persons in employment whose place of employment was in Germany. This means that the number of persons in employment was nearly unchanged on the second quarter of 2020 (+4,000; 0.0%; see press release 389/21 of 17 August 2021). The year-on-year decline in employment did not continue whereas in the first quarter of 2021, the year-on-year rate of change had still been -1.5%. This development is mainly due to the sharp fall in employment figures in the second quarter of 2020 caused by the coronavirus crisis.
The average number of hours worked per person in employment rose considerably by 6.8% in the second quarter of 2021 compared with the same quarter a year earlier according to first provisional results of the Institute for Employment Research of the Federal Employment Agency. The labour volume of the overall economy, which is the total number of hours worked by all persons in employment, rose also by 6.8% in the same period. This development, too, was influenced by the sharp fall observed in the same month of the previous year. In addition, this shows that short-time work was less often applied, which is not reflected in the number of persons in employment, but in the number of hours worked.
Overall labour productivity (price-adjusted GDP per hour worked by persons in employment) rose by 2.8% on the same quarter of the previous year, according to provisional calculations. As the number of persons in employment was almost unchanged on a year earlier, labour productivity per person in employment rose by 9.8% on the second quarter of 2020, as did the GDP.
Savings ratio slightly down on a year earlier
At current prices, the GDP rose by 11.0% and the gross national income by 10.9% in the second quarter of 2021 compared with a year earlier. The increase in net national income at factor costs (+12.8%) was even larger. According to first provisional calculations, the compensation of employees was up by just 4.9% year on year, while property and entrepreneurial income rose sharply by 40.6%. However, in the same quarter of the previous year, the decrease in compensation of employees (-3.2%) had been much smaller than that of property and entrepreneurial income (-27.2%). Gross wages and salaries of employees in the second quarter of 2021 were by 5.4% higher than in the second quarter of 2020, net wages and salaries by 6.5%. When calculated as an average per employee, wages and salaries increased slightly less markedly (+5.2% in gross terms, +6.2% in net terms). The disposable income of households was by 3.4% higher than a year earlier. At the same time, household final consumption expenditure at current prices increased by 8.0%, following four quarters of year-on-year decreases in a row. As the increase in household final consumption expenditure was larger than that of disposable income, households now saved less than in the same quarter of the previous year. According to provisional calculations, a savings ratio of 16.3% was calculated for the second quarter of 2021, following 22.0% in the previous quarter and 19.8% in the second quarter of 2020. However, the saving propensity was still at a relatively high level.
International and European comparison
In the second quarter of 2021, many Member States of the European Union (EU) recorded a stronger economic growth on the previous quarter than Germany. The price-, seasonally and calendar-adjusted GDP was up by 2.8% in Spain and 2.7% in Italy on the first quarter of 2021, thus exceeding the increase in Germany by more than one percentage point (+1.6%). France, in contrast, recorded a more moderate rise of 0.9%. According to provisional calculations, the Statistical Office of the European Union (Eurostat) reported a GDP rise of 2.0% on the previous quarter for the EU as a whole. The economic performance of the United States (+1.6%, converted figure) increased as much as the German GDP in the second quarter of 2021.
The GDP growth rates of most EU Member States are higher than Germany’s GDP growth rate also in a year-on-year comparison. Spain (+19.8%), France (+18.7%) and Italy (+17.3%) recorded a markedly stronger economic growth on the second quarter of 2020 than Germany (+9.4%) after price, seasonally and calendar adjustment. Among others, this is due to the fact that the economic performance of these countries had worsened much more in the course of the first coronavirus wave one year ago. For the whole EU, Eurostat released a preliminary result of +13.2% on the same quarter of the previous year. The United States reported a 12.2% increase of GDP (converted figure).
| USA | Eurorarea | EU27 | France | Italy | Spain | Germany | |
|---|---|---|---|---|---|---|---|
| Previous quarter: change compared to the 1st quarter of 2021; Quarter of the previous year: Change compared to the 2nd quarter of 2020. | |||||||
| Previous quarter | 1.6 | 2.0 | 1.9 | 0.9 | 2.7 | 2.8 | 1.6 |
| Quarter of the previous year | 12.2 | 13.6 | 13.2 | 18.7 | 17.3 | 19.8 | 9.4 |
A detailed comparison of the EU Member States’ growth rates is available on our web page “Europe in figures”.
| Unadjusted figures | Figures according to X13 price-adjusted | |||||||
|---|---|---|---|---|---|---|---|---|
| At current prices | Price-adjusted | Seasonally and calendar-adjusted | Calendar- adjusted | |||||
| EUR billion | % 1 | 2015 = 100 | % 1 | 2015 = 100 | % 2 | % 1 3 | ||
| 1 Change on the previous year or the same quarter of the preceding year in %. 2 Change on the previous year or quarter in %. 3 As for years the calendar-adjusted values equal the seasonally and calendar-adjusted values (except for differences due to rounding). qtr = quarter | ||||||||
| 2016 | 3,134.74 | 3.6 | 102.23 | 2.2 | 102.04 | 2.1 | 2.1 | |
| 2017 | 3,267.16 | 4.2 | 104.97 | 2.7 | 105.09 | 3.0 | 3.0 | |
| 2018 | 3,367.86 | 3.1 | 106.11 | 1.1 | 106.25 | 1.1 | 1.1 | |
| 2019 | 3,473.35 | 3.1 | 107.23 | 1.1 | 107.40 | 1.1 | 1.1 | |
| 2020 | 3,367.56 | -3.0 | 102.33 | -4.6 | 102.12 | -4.9 | -4.9 | |
| 2016 | 1st qtr | 762.95 | 3.5 | 100.11 | 2.2 | 101.47 | 0.8 | 2.5 |
| 2nd qtr | 779.08 | 5.0 | 102.02 | 3.6 | 101.89 | 0.4 | 2.2 | |
| 3rd qtr | 788.98 | 3.0 | 102.93 | 1.9 | 102.24 | 0.3 | 2.0 | |
| 4th qtr | 803.73 | 2.9 | 103.86 | 1.4 | 102.56 | 0.3 | 1.9 | |
| 2017 | 1st qtr | 798.84 | 4.7 | 103.71 | 3.6 | 103.81 | 1.2 | 2.4 |
| 2nd qtr | 801.19 | 2.8 | 103.39 | 1.3 | 104.62 | 0.8 | 2.7 | |
| 3rd qtr | 823.94 | 4.4 | 105.70 | 2.7 | 105.54 | 0.9 | 3.2 | |
| 4th qtr | 843.19 | 4.9 | 107.08 | 3.1 | 106.39 | 0.8 | 3.7 | |
| 2018 | 1st qtr | 824.40 | 3.2 | 105.17 | 1.4 | 105.93 | -0.4 | 2.1 |
| 2nd qtr | 833.72 | 4.1 | 105.66 | 2.2 | 106.52 | 0.6 | 1.8 | |
| 3rd qtr | 842.90 | 2.3 | 106.16 | 0.4 | 106.07 | -0.4 | 0.5 | |
| 4th qtr | 866.84 | 2.8 | 107.45 | 0.3 | 106.48 | 0.4 | 0.1 | |
| 2019 | 1st qtr | 852.62 | 3.4 | 106.79 | 1.5 | 107.60 | 1.1 | 1.6 |
| 2nd qtr | 852.19 | 2.2 | 105.79 | 0.1 | 107.07 | -0.5 | 0.5 | |
| 3rd qtr | 876.75 | 4.0 | 108.08 | 1.8 | 107.51 | 0.4 | 1.3 | |
| 4th qtr | 891.79 | 2.9 | 108.24 | 0.7 | 107.43 | -0.1 | 0.9 | |
| 2020 | 1st qtr | 859.81 | 0.8 | 105.17 | -1.5 | 105.54 | -1.8 | -1.9 |
| 2nd qtr | 774.06 | -9.2 | 93.80 | -11.3 | 94.99 | -10.0 | -11.3 | |
| 3rd qtr | 853.38 | -2.7 | 104.20 | -3.6 | 103.58 | 9.0 | -3.7 | |
| 4th qtr | 880.31 | -1.3 | 106.17 | -1.9 | 104.35 | 0.7 | -2.9 | |
| 2021 | 1st qtr | 847.16 | -1.5 | 101.65 | -3.3 | 102.26 | -2.0 | -3.1 |
| 2nd qtr | 859.27 | 11.0 | 103.02 | 9.8 | 103.93 | 1.6 | 9.4 | |
| New result | Previous result | Difference | |||||
|---|---|---|---|---|---|---|---|
| Figures adjusted for seasonal and calendar effects using X13 | Unadjusted figures | Figures adjusted for seasonal and calendar effects using X13 | Unadjusted figures | Figures adjusted for seasonal and calendar effects using X13 | Unadjusted figures | ||
| 1 Seasonally and calendar-adjusted figures: change on previous quarter; unadjusted figures: change on previous year's quarter. qtr = quarter | |||||||
| Change, percent 1 | Percentage points | ||||||
| 2021 | 1st qtr | -2.0 | -3.3 | -2.1 | -3.4 | 0.1 | 0.1 |
| 2nd qtr | 1.6 | 9.8 | 1.5 | 9.6 | 0.1 | 0.2 | |
| 2020 | 2021 | |||||
|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | |
1 Including acquisitions less disposals of valuables and the statistical difference between production and expenditure approach. qtr = quarter | ||||||
| At current prices, EUR bn. | ||||||
| Final consumption expenditure | 615.572 | 577.677 | 627.929 | 641.375 | 595.057 | 617.180 |
| Household final consumption expenditure | 436.219 | 394.230 | 441.600 | 435.929 | 403.743 | 425.613 |
| Government final consumption expenditure | 179.353 | 183.447 | 186.329 | 205.446 | 191.314 | 191.567 |
| Gross capital formation | 194.799 | 163.156 | 175.203 | 179.048 | 192.769 | 191.347 |
| Gross fixed capital formation | 174.207 | 177.085 | 186.102 | 198.475 | 174.555 | 196.485 |
| Gross fixed capital formation in construction | 89.645 | 97.528 | 98.602 | 94.289 | 89.373 | 105.258 |
| Gross fixed capital formation in machinery and equipment | 51.287 | 46.909 | 53.748 | 64.959 | 52.253 | 57.352 |
| Other fixed assets | 33.275 | 32.648 | 33.752 | 39.227 | 32.929 | 33.875 |
| Changes in inventories 1 | 20.592 | -13.929 | -10.899 | -19.427 | 18.214 | -5.138 |
| Domestic uses | 810.371 | 740.833 | 803.132 | 820.423 | 787.826 | 808.527 |
| Exports | 394.747 | 310.719 | 364.953 | 391.671 | 397.183 | 409.110 |
| Imports | 345.308 | 277.492 | 314.705 | 331.784 | 337.849 | 358.367 |
| Gross domestic product | 859.810 | 774.060 | 853.380 | 880.310 | 847.160 | 859.270 |
| Price-adjusted, change on the same quarter of the preceding year in % | ||||||
| Final consumption expenditure | -0.1 | -8.6 | -1.3 | -2.9 | -5.7 | 5.3 |
| Household final consumption expenditure | -1.1 | -13.2 | -3.4 | -5.7 | -9.1 | 6.0 |
| Government final consumption expenditure | 2.5 | 3.5 | 4.0 | 4.2 | 2.5 | 3.7 |
| Gross capital formation | -1.2 | -8.4 | -11.4 | -4.5 | -0.6 | 11.8 |
| Gross fixed capital formation | 0.2 | -7.4 | -3.1 | 1.5 | -1.4 | 7.5 |
| Gross fixed capital formation in construction | 5.4 | 0.7 | -0.6 | 5.1 | -2.1 | 2.9 |
| Gross fixed capital formation in machinery and equipment | -9.4 | -23.6 | -9.5 | -2.9 | 0.5 | 20.4 |
| Other fixed assets | 3.8 | -1.3 | 0.3 | 1.3 | -2.2 | 2.6 |
| Domestic uses | -0.3 | -8.5 | -3.7 | -3.3 | -4.5 | 6.7 |
| Exports | -3.1 | -22.1 | -9.1 | -3.1 | -0.5 | 26.5 |
| Imports | -0.6 | -17.3 | -10.1 | -6.4 | -2.8 | 20.1 |
| Gross domestic product (GDP) | -1.5 | -11.3 | -3.6 | -1.9 | -3.3 | 9.8 |
| Memorandum items: | ||||||
| GDP per person in employment | -2.0 | -10.3 | -2.3 | -0.6 | -1.9 | 9.8 |
| GDP per hour worked by persons in employment | 0.7 | -1.3 | 0.2 | 2.2 | 0.9 | 2.8 |
| Contributions to growth of price-adjusted GDP in % points | ||||||
| Final consumption expenditure | -0.1 | -6.2 | -1.0 | -2.1 | -4.1 | 3.9 |
| Houshold final consumption expenditure | -0.6 | -6.9 | -1.8 | -3.0 | -4.6 | 3.0 |
| Government final consumption expenditure | 0.5 | 0.7 | 0.8 | 0.9 | 0.5 | 0.9 |
| Gross capital formation | -0.3 | -1.8 | -2.6 | -1.0 | -0.1 | 2.6 |
| Gross fixed capital formation | 0.0 | -1.6 | -0.7 | 0.3 | -0.3 | 1.7 |
| Gross fixed capital formation in construction | 0.5 | 0.1 | -0.1 | 0.5 | -0.2 | 0.4 |
| Gross fixed capital formation in machinery and equipment | -0.6 | -1.7 | -0.6 | -0.2 | 0.0 | 1.2 |
| Other fixed assets | 0.1 | -0.1 | 0.0 | 0.1 | -0.1 | 0.1 |
| Changes in inventories 1 | -0.3 | -0.2 | -1.9 | -1.3 | 0.1 | 0.8 |
| Domestic uses | -0.3 | -8.0 | -3.6 | -3.1 | -4.3 | 6.5 |
| Balance of exports and imports | -1.2 | -3.3 | -0.1 | 1.2 | 0.9 | 3.3 |
| 2020 | 2021 | |||||
|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | |
|
2 Including acquisitions less disposals of valuables and the statistical difference between production and expenditure approach | ||||||
| At current prices EUR bn | ||||||
| Price-adjusted, change on the previous quarter in % | ||||||
| Final consumption expenditure | -1.2 | -8.0 | 8.4 | -1.6 | -3.8 | 2.8 |
| Household final consumption expenditure | -2.1 | -11.5 | 11.5 | -2.7 | -5.2 | 3.2 |
| Government final consumption expenditure | 0.9 | 0.8 | 1.7 | 0.9 | -0.7 | 1.8 |
| Gross fixed capital formation | -0.1 | -6.9 | 4.5 | 2.4 | -0.7 | 0.5 |
| Gross fixed capital formation in construction | 4.0 | -3.5 | -0.9 | 2.9 | -0.2 | 0.3 |
| Gross fixed capital formation in machinery and equipment | -6.7 | -14.8 | 16.7 | 1.9 | -0.4 | 0.3 |
| Other fixed assets | 0.6 | -3.5 | 2.3 | 1.8 | -2.6 | 1.3 |
| Domestic uses | -0.8 | -8.1 | 5.6 | -0.3 | -1.1 | 2.4 |
| Exports | -3.4 | -20.1 | 17.5 | 4.6 | 1.4 | 0.5 |
| Imports | -1.5 | -16.9 | 9.3 | 2.7 | 4.2 | 2.1 |
| Gross domestic product (GDP) | -1.8 | -10.0 | 9.0 | 0.7 | -2.0 | 1.6 |
| memorandum item: | ||||||
| GDP per person in employment | -1.8 | -8.8 | 9.2 | 0.7 | -1.9 | 1.5 |
| GDP per hour worked by persons in employment 1 | 0.3 | -2.0 | 1.7 | 2.3 | -1.0 | -0.1 |
| Contributions to growth of price-adjusted GDP in % points | ||||||
| Final consumption expenditure | -0.9 | -5.8 | 6.2 | -1.2 | -2.7 | 2.0 |
| Household final consumption expenditure | -1.1 | -6.0 | 5.8 | -1.4 | -2.6 | 1.6 |
| Government final consumption expenditure | 0.2 | 0.2 | 0.4 | 0.2 | -0.2 | 0.4 |
| Gross fixed capital formation (GFCF) | 0.0 | -1.5 | -1.0 | 0.5 | -0.2 | 0.1 |
| GFCF in construction | 0.4 | -0.4 | -0.1 | 0.3 | 0.0 | 0.0 |
| GFCF in machinery and equipment | -0.5 | -1.0 | 1.0 | 0.1 | 0.0 | 0.0 |
| Other fixed assets | 0.0 | -0.1 | 0.1 | 0.1 | -0.1 | 0.1 |
| Changes in inventories 2 | 0.1 | -0.4 | -1.8 | 0.5 | 1.9 | 0.1 |
| Domestic uses | -0.8 | -7.7 | 5.5 | -0.2 | -1.0 | 2.2 |
| Balance of exports and imports (net exports) | -1.0 | -2.3 | 3.6 | 1.0 | -1.0 | -0.6 |
| 2020 | 2021 | |||||
|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | |
| At current prices EUR bn | ||||||
| Agriculture, forestry and fishing | 6.426 | 6.542 | 6.082 | 5.712 | 6.147 | 6.668 |
| Industry, excluding construction | 190.761 | 154.679 | 176.644 | 192.251 | 189.855 | 187.670 |
| including: | ||||||
| Manufacturing | 162.579 | 131.637 | 152.315 | 163.953 | 161.382 | 162.799 |
| Construction | 36.964 | 42.808 | 44.775 | 53.247 | 37.177 | 46.547 |
| Trade, transport, accommodation and food services | 119.049 | 109.188 | 126.604 | 125.110 | 113.317 | 125.785 |
| Information and communication | 39.173 | 34.593 | 39.540 | 40.166 | 40.554 | 37.722 |
| Financial and insurance activities | 30.413 | 30.277 | 30.559 | 30.566 | 30.253 | 30.321 |
| Real estate activities | 83.900 | 82.082 | 86.467 | 84.590 | 86.975 | 85.240 |
| Business services | 89.895 | 74.586 | 86.331 | 86.595 | 87.007 | 83.375 |
| Public services, education, health | 149.325 | 136.416 | 150.174 | 156.753 | 150.492 | 147.086 |
| Other services | 29.803 | 24.125 | 30.337 | 26.814 | 27.489 | 26.630 |
| Gross value added, total | 775.709 | 695.296 | 777.513 | 801.804 | 769.266 | 777.044 |
| Price-adjusted, change on the same quarter of the preceding year in % | ||||||
| Agriculture, forestry and fishing | 2.4 | 1.3 | 1.7 | 1.4 | -3.0 | -3.8 |
| Industry, excluding construction | -5.1 | -21.3 | -9.5 | -1.3 | -1.9 | 19.8 |
| including: | ||||||
| Manufacturing | -5.2 | -22.9 | -10.5 | -1.4 | -1.8 | 21.9 |
| Construction | 6.1 | 1.9 | -1.8 | 9.0 | -5.0 | 0.5 |
| Trade, transport, accommodation and food services | 0.3 | -14.9 | -2.7 | -2.9 | -7.8 | 11.0 |
| Information and communication | 0.7 | -4.4 | -1.1 | 0.5 | 0.7 | 7.9 |
| Financial and insurance activities | 0.4 | 0.8 | 1.3 | -0.4 | -0.8 | -0.2 |
| Real estate activities | 0.0 | -1.6 | 0.2 | -0.4 | -0.3 | 1.6 |
| Business services | -1.4 | -13.4 | -8.2 | -6.9 | -6.1 | 9.6 |
| Public services, education, health | -0.5 | -8.9 | 0.0 | -3.8 | -3.1 | 10.2 |
| Other services | -2.7 | -19.7 | -3.9 | -16.0 | -10.5 | 8.1 |
| Gross value added, total | -1.3 | -11.9 | -3.9 | -2.4 | -3.7 | 10.0 |
| 2020 | 2021 | |||||
|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | |
| At current prices EUR bn | ||||||
| Gross national income | 887.349 | 786.933 | 875.875 | 911.128 | 875.476 | 872.977 |
| Net national income (factor costs) | 642.522 | 563.244 | 642.809 | 679.658 | 644.657 | 635.199 |
| Compensation of employees | 447.094 | 439.397 | 456.546 | 509.068 | 445.261 | 461.091 |
| Property and entrepreneurial income | 195.428 | 123.847 | 186.263 | 170.590 | 199.396 | 174.108 |
| Gross wages and salaries of employees | 366.174 | 355.860 | 374.109 | 417.914 | 361.978 | 375.197 |
| Net wages and salaries of employees | 246.383 | 234.804 | 258.096 | 282.055 | 245.056 | 249.986 |
| memorandum item: | ||||||
| Disposable income of households | 505.976 | 477.031 | 493.436 | 498.777 | 502.836 | 493.358 |
| Savings ratio (in %) | 16.2 | 19.8 | 13.1 | 15.3 | 22.0 | 16.3 |
| Price-adjusted, change on the same quarter of the preceding year in % | ||||||
| Gross national income | 0.3 | -9.2 | -3.4 | -1.7 | -1.3 | 10.9 |
| Net national income (factor costs) | 0.1 | -9.8 | -2.8 | -0.3 | 0.3 | 12.8 |
| Compensation of employees | 2.9 | -3.2 | -0.7 | 0.4 | -0.4 | 4.9 |
| Property and entrepreneurial income | -5.6 | -27.2 | -7.4 | -2.2 | 2.0 | 40.6 |
| Gross wages and salaries of employees | 2.9 | -4.4 | -1.2 | 0.1 | -1.1 | 5.4 |
| Net wages and salaries of employees | 2.9 | -3.8 | -0.6 | 1.1 | -0.5 | 6.5 |
| memorandum item: | ||||||
| Disposable income of households | 2.8 | -1.4 | 0.8 | 0.8 | -0.6 | 3.4 |
Revision of previous results and methodological notes
The greater uncertainties caused by the coronavirus pandemic may lead to larger revisions than usual. This applies in particular to the seasonally and calendar adjusted quarterly data. In addition to the calculations for the last four years, the models and parameters of seasonal and calendar adjustment were adjusted as part of the summer calculations, which is done at regular intervals.
Compared with the first release of 30 July 2021, minor changes of the results published so far have become necessary only in the first and second quarters of 2021 for the gross domestic product. Detailed data on the recalculations are shown in the table “Comparison between old and new figures” in this press release.
Visualised national accounts
The gross domestic product also forms part of the Crisis Monitor (www.destatis.de/krisenmonitor), by means of which the Federal Statistical Office compares the development of major short-term indicators in the corona crisis and the financial and economic crisis of 2008/2009. The Crisis Monitor complements the „Corona statistics“ webpage (www.destatis.de/corona), which provides statistical information on the economic and social consequences of the coronavirus pandemic. Visualised updated results are also available in our interactive national accounts dashboard (only in german).
More information
More information on the quality of the GDP early estimate and on why the Federal Statistical Office for the first time released the more rapid calculation of the GDP just now during the coronavirus pandemic is given in our podcast at www.destatis.de --> Themen --> Wirtschaft --> Volkswirtschaftliche-Gesamtrechnungen-Inlandsprodukt --> Aktuelles. For an English-language text version please go to www.destatis.de --> Themes --> Economy --> National accounts, domestic product --> Current news.
Destatis website offers comparison between corona crisis and financial/economic crisis
More detailed results have been published in Fachserie 18 “National Accounts“, Series 1.2 “Quarterly results“ and Series 1.3„Seasonally adjusted quarterly results using X13“.
The above and other current national accounting results are available in the GENESIS-Online database. (81000)
