Press release No. 438 of 22 November 2024
Gross domestic product (GDP), 3rd quarter of 2024
+0.1% on the previous quarter (price, seasonally and calendar adjusted)
+0.1% on the same quarter a year earlier (price adjusted)
-0.3% on the same quarter a year earlier (price and calendar adjusted)
WIESBADEN – The gross domestic product (GDP) rose by 0.1% in the 3rd quarter of 2024 compared with the 2nd quarter of 2024, after adjustment for price, seasonal and calendar variations. The Federal Statistical Office (Destatis) reports that economic growth was therefore 0.1 percentage points lower than communicated in the first release of 30 October 2024. In the 2nd quarter, economic performance dropped 0.3%, after having risen slightly (+0.2%) in the 1st quarter. Following this generally subdued performance in the first half of 2024, the German economy begins the second half of the year with modest growth.
| 2023 | 2024 | |||||
|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr |
| 0.1 | -0.2 | 0.2 | -0.4 | 0.2 | -0.3 | 0.1 |
Final consumption expenditure up from the previous quarter, substantial decline in exports
After registering a decline in the 2nd quarter of 2024, household final consumption expenditure in the 3rd quarter of 2024 was up 0.3% quarter on quarter, after price, seasonal and calendar adjustment. Consumers spent more, for instance, on non-durable consumer goods, such as food and beverages. Government final consumption expenditure also increased on the previous quarter (+0.4%). Overall, final consumption expenditure rose by 0.3% compared with the 2nd quarter of 2024. By contrast, the contribution of capital formation was slightly negative: compared with the previous quarter, gross fixed capital formation in machinery and equipment in the 3rd quarter of 2024 fell by 0.2% and gross fixed capital formation in construction by 0.3% after price, seasonal and calendar adjustment. Gross fixed capital formation in both construction and in machinery and equipment had already decreased in the 2nd quarter of 2024 but the decline (-2.2% and -3.4%, respectively) was much more pronounced.
Developments in foreign trade were mixed in the 3rd quarter of 2024: after price, seasonal and calendar adjustment, exports of goods and services were down 1.9% from the 2nd quarter of 2024, with exports of goods, in particular, falling substantially (-2.4%). On the other hand, imports of goods and services rose slightly, by 0.2%, a development which is particularly attributable to increasing imports of goods (+1.3%).
Gross value added down in most sectors
In the 3rd quarter of 2024, gross value added as a whole decreased by 0.2% on the 2nd quarter of 2024 after adjustment for price, seasonal and calendar variations, with the biggest declines registered in manufacturing (-1.4%) and in construction (-1.2%). Substantial decreases in production were particularly recorded in the manufacture of machinery and equipment and the manufacture of chemicals and chemical products. By contrast, the production of motor vehicles, trailers and semi-trailers registered a slight increase on the previous quarter. Financial and insurance activities (-0.9%) and the information and communication sector (‑0.4%) were also unable to increase their economic performance. Positive signals came from the public services, education, health sector (+1.3%) and from other services (+0.6%). In the aggregate sector of trade, transport, accommodation and food services, value added was up slightly (+0.1%) on the previous quarter (following price, seasonal and calendar adjustment), after having registered a decline in the two previous quarters.
Gross domestic product increased year on year
GDP in the 3rd quarter of 2024 was up a price adjusted 0.1% compared with the 3rd quarter of 2023. After price and calendar adjustment, however, GDP showed a decrease of 0.3% as there was one working day more than in the same period a year earlier.
| 2023 | 2024 | |||||
|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr |
| 0.6 | -0.4 | -0.7 | -0.4 | -0.8 | 0.1 | 0.1 |
Substantial year-on-year decline in capital formation – positive contributions from government final consumption expenditure
As in the first two quarters, capital formation in the 3rd quarter of 2024 was down substantially compared with the same quarter of the previous year. Compared with the 3rd quarter of 2023, gross fixed capital formation in machinery and equipment was down 5.7%. This was due, in part, to a base effect with regard to commercial new registrations of passenger cars, which had seen a particularly sharp increase in the 3rd quarter of 2023 due to the discontinuation of state assistance for commercial registrations of electric vehicles with effect from 1 September 2023. Gross fixed capital formation in construction was down a price adjusted 2.6%, with residential construction performing significantly worse than non-residential construction.
By contrast, final consumption expenditure (total) was up on the same quarter a year earlier, increasing by a price adjusted 0.8%. While household final consumption expenditure increased only slightly (+0.1%) compared with the same period of the previous year, government final consumption expenditure rose markedly by 2.5%. This was due, for example, to higher social benefits in kind provided by local government and social security funds.
Year on year, exports of goods and services were down 0.3% (price adjusted) in the 3rd quarter of 2024. There was a decline in exports of goods (-0.6%), particularly of machines, data processing equipment and metal products, whereas exports of services rose by 1.0%. The latter was primarily due to an increase in receipts in the telecommunication services and information service activities sectors.
By contrast, total imports increased by 1.2% in the same period. While imports of goods, including imports of motor vehicles, trailers and semi-trailers and imports of machines, declined by 0.3%, imports of services rose considerably (+4.4%). This increase is mainly due to increased expenditure on transport services and higher fees for the use of intellectual property.
Service branches contributing to value added, sharp decrease in construction industry
In the 3rd quarter of 2024, the service branches managed to improve their economic performance by a price adjusted 1.1% compared with the 3rd quarter of 2023. With the exception of financial and insurance activities (-0.5%), all related branches reported growth, with information and communication (+2.5%) and public services, education, health (+2.3%) showing particularly strong improvements in their price adjusted value added.
By contrast, economic performance in industry (excluding construction) was down 1.9% compared with the same quarter a year earlier. While manufacturing again registered a substantial decline (‑2.0%), energy suppliers increased their price adjusted value added for the first time since the 1st quarter of 2021. The biggest decline in value added compared with the same quarter of the previous year was registered in the construction industry (-3.8%). Building construction and building completion work contracted markedly, whereas civil engineering expanded.
On the whole, price adjusted gross value added in the 3rd quarter of 2024 was up 0.1% on the 3rd quarter of 2023.
Weak employment trends
The economic performance in the 3rd quarter of 2024 was achieved by roughly 46.1 million persons in employment whose place of employment was in Germany. This represented an increase of 66,000, or 0.1%, compared with the 3rd quarter of 2023. By contrast, after seasonal adjustment the number of persons in employment was down by 45,000, or 0.1%, quarter on quarter, which marks the first seasonally adjusted decline since the 1st quarter of 2021 (see Press release no. 427/24 of 15 November 2024) (only in German).
On average, more hours were worked per person in employment than in the 3rd quarter of 2023 (+0.2%). The labour volume of the overall economy - the higher number of persons in employment multiplied by the number of hours worked per person in employment - was up by 0.4% in the same period. This is shown by provisional calculations of the Institute for Employment Research (IAB) of the Federal Employment Agency.
Overall labour productivity (price adjusted GDP per hour worked by persons in employment) fell by 0.2% from the 3rd quarter of 2023, according to provisional calculations. Labour productivity per person in employment stagnated compared with the same quarter of the previous year (0.0%).
Income and consumption increasing in nominal terms, savings ratio up on previous year
At current prices, GDP in the 3rd quarter of 2024 rose by 2.8% and gross national income increased by 2.6% compared with a year earlier. Net national income at factor costs was up 1.2% on the 3rd quarter of 2023. According to provisional calculations, the compensation of employees rose by 5.2%. By contrast, property and entrepreneurial income dropped by 8.1%. Average gross wages and salaries per employee in the 3rd quarter of 2024 were up 5.1% on the same quarter of the previous year. Net average earnings increased by slightly less (+5.0%).
Total gross wages and salaries were up 5.3% on a year earlier as the number of employees also increased slightly again. As disposable income increased much more (+4.1%) than household final consumption expenditure at current prices (+2.7%), the savings ratio (10.6%) was higher than in the previous year (9.4%).
Germany's economy compared with other countries
Compared with other countries, Germany’s economic performance at the start of the second half of the year was slightly below the European average: in the 3rd quarter of 2024, economic performance in the European Union (EU) as a whole increased by +0.3% quarter on quarter, slightly surpassing Germany's growth of +0.1%. After price, seasonal and calendar adjustment, the biggest GDP growth in the other large EU Member States was reported in Spain (+0.8%). France's economy grew by 0.4% quarter on quarter, while Italy's economic performance stagnated compared with the previous quarter (0.0%). Economic growth in the United States, at +0.7% on the previous quarter, was much stronger than in the EU. Year on year, and after adjustment for price, seasonal and calendar variations, Germany's economic development (‑0.3%), was clearly below that of the EU (+1.0%).
| USA | Euroarea | EU 27 | France | Italy | Spain | Germany | |
|---|---|---|---|---|---|---|---|
| Previous quarter: change on the second quarter of 2024; Same quarter of the previous year: change on the third quarter of 2023. Source: Eurostat and own calculations | |||||||
| Previous quarter | 0.7 | 0.4 | 0.3 | 0.4 | 0.0 | 0.8 | 0.1 |
| Same quarter of the previous year | 2.7 | 0.9 | 1.0 | 1.3 | 0.4 | 3.4 | -0.3 |
A detailed comparison of the EU Member States’ growth rates is available on the "Europe in figures" web page on the Federal Statistical Office’s website.
Revision of previous results
In addition to the detailed results provided for the 3rd quarter of 2024, the Federal Statistical Office has also reviewed the results for the first two quarters of 2024. Taking into account the statistical information that became available after the first release of 30 October 2024, this resulted only in slight revisions of the gross domestic product figures published previously. More detailed data on the recalculations are shown in the table “Comparison between old and new figures” in this press release.
Methodological notes:
The differing comparative periods must be taken into account in all press releases on short-term indicators. Short-term economic monitoring focuses on comparisons of seasonally and calendar adjusted figures with those of the previous month or quarter. These reflect short-term economic trends. Year-on-year comparisons enable longer-term comparisons of levels and are not influenced by seasonal fluctuations.
More information:
More detailed results are contained in Tables 81000 of the GENESIS-Online database and our German publications Fachserie 18 “National Accounts“, Series 1.2 "Vierteljahresergebnisse" and Series 1.3 “Seasonally adjusted quarterly results using X13". A long time series containing quarterly results on the gross domestic product since the first quarter of 1970 is available in the “Volkswirtschaftliche Gesamtrechnungen“ statistical report (only in German).
GDP data are also available on Dashboard Germany at www.dashboard-deutschland.de (only in German). In this data portal, the Federal Statistical Office brings together up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, the labour market, construction, housing, energy and Ukraine. The portal also contains the Economic Pulse Monitor tool (only in German) for real-time economic monitoring.
| 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 the previous year. unadjusted figures: change on the same quarter of the previous year. qtr = quarter | |||||||
| Change, percent 1 | Percentage points | ||||||
| 2023 | -0.1 | -0.3 | -0.1 | -0.3 | 0.0 | 0.0 | |
| 2023 | 1st qtr | 0.1 | 0.6 | 0.1 | 0.6 | 0.0 | 0.0 |
| 2nd qtr | -0.2 | -0.4 | -0.2 | -0.4 | 0.0 | 0.0 | |
| 3rd qtr | 0.2 | -0.7 | 0.2 | -0.7 | 0.0 | 0.0 | |
| 4th qtr | -0.4 | -0.4 | -0.4 | -0.4 | 0.0 | 0.0 | |
| 2024 | 1st qtr | 0.2 | -0.8 | 0.2 | -0.8 | 0.0 | 0.0 |
| 2nd qtr | -0.3 | 0.1 | -0.3 | 0.1 | 0.0 | 0.0 | |
| 3rd qtr | 0.1 | 0.1 | 0.2 | 0.2 | -0.1 | -0.1 | |
| Unadjusted figures | Figures according to X13 price adjusted | |||||||
|---|---|---|---|---|---|---|---|---|
| At current prices | Price adjusted, chain-linked | Seasonally and calendar adjusted | Calendar adjusted | |||||
| EUR billion | % 1 | 2020 = 100 | % 1 | 2020 = 100 | % 2 | % 1 3 | ||
| 1 Change on the previous year or the same quarter of the preceding year. 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 | ||||||||
| 2023 | 4,185.55 | 5.9 | 104.81 | -0.3 | 104.84 | -0.1 | -0.1 | |
2022 | 1st qtr | 963.76 | 8.9 | 105.13 | 3.7 | 104.75 | 0.2 | 3.4 |
| 2nd qtr | 967.07 | 8.0 | 103.44 | 0.9 | 104.73 | 0.0 | 0.8 | |
| 3rd qtr | 995.32 | 6.9 | 105.74 | 1.3 | 105.35 | 0.6 | 1.4 | |
| 4th qtr | 1027.70 | 6.6 | 106.03 | -0.4 | 104.81 | -0.5 | 0.2 | |
2023 | 1st qtr | 1034.14 | 7.3 | 105.72 | 0.6 | 104.96 | 0.1 | 0.2 |
| 2nd qtr | 1024.06 | 5.9 | 102.98 | -0.4 | 104.80 | -0.2 | 0.0 | |
| 3rd qtr | 1048.71 | 5.4 | 104.96 | -0.7 | 105.00 | 0.2 | -0.3 | |
| 4th qtr | 1078.64 | 5.0 | 105.57 | -0.4 | 104.61 | -0.4 | -0.2 | |
| 2024 | 1st qtr | 1064.83 | 3.0 | 104.90 | -0.8 | 104.85 | 0.2 | -0.1 |
| 2nd qtr | 1060.79 | 3.6 | 103.12 | 0.1 | 104.55 | -0.3 | -0.3 | |
| 3rd qtr | 1078.22 | 2.8 | 105.10 | 0.1 | 104.66 | 0.1 | -0.3 | |
| 2023 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr | |
| 1 Including acquisitions less disposals of valuables and the statistical difference between production and expenditure approach. 2 Contributions to growth of price-adjusted GDP, percentage points. 3 Only seasonally adjusted. qtr = quarter | |||||||
| Unadjusted figures Change on the previous year | |||||||
| Final consumption expenditure | -0.4 | -0.7 | -0.5 | 0.4 | 0.8 | 0.7 | 0.8 |
| Household final consumption expenditure | 0.1 | -0.2 | -1.1 | -0.2 | 0.6 | -0.3 | 0.1 |
| Government final consumption expenditure | -1.6 | -1.9 | 1.2 | 1.9 | 1.3 | 3.3 | 2.5 |
| Gross capital formation | 4.2 | 1.8 | -2.5 | -6.4 | -6.8 | -5.1 | 0.5 |
| Gross fixed capital formation | -0.1 | -0.8 | -1.5 | -2.3 | -3.4 | -2.7 | -2.3 |
| Gross fixed capital formation in construction | -4.3 | -3.1 | -2.8 | -3.4 | -5.1 | -3.5 | -2.6 |
| Gross fixed capital formation in machinery and equipment | 4.3 | -0.1 | -2.9 | -3.7 | -5.4 | -5.5 | -5.7 |
| Other fixed assets | 4.9 | 4.3 | 4.4 | 5.1 | 4.9 | 4.4 | 4.0 |
| Changes in inventories 1 2 | 1.0 | 0.6 | -0.3 | -0.9 | -0.9 | -0.5 | 0.7 |
| Domestic uses | 0.7 | -0.2 | -0.9 | -1.2 | -1.1 | -0.6 | 0.7 |
| Exports | 2.5 | 0.6 | -1.7 | -2.5 | -2.0 | 0.8 | -0.3 |
| Imports | 3.3 | 1.3 | -2.3 | -4.4 | -3.1 | -0.7 | 1.2 |
| Balance of exports and imports (net exports) 2 | -0.2 | -0.3 | 0.2 | 0.8 | 0.3 | 0.6 | -0.6 |
| Gross domestic product | 0.6 | -0.4 | -0.7 | -0.4 | -0.8 | 0.1 | 0.1 |
| memorandum item: | |||||||
| GDP per person in employment | -0.4 | -1.3 | -1.4 | -0.9 | -1.2 | -0.2 | 0.0 |
| GDP per hour worked by persons in employment | -0.2 | -1.0 | -1.0 | -0.3 | 0.4 | 0.1 | -0.2 |
| Seasonally and calendar adjusted figures change on the previous quarter | |||||||
| Final consumption expenditure | -0.2 | 0.5 | 0.3 | 0.2 | 0.0 | 0.1 | 0.3 |
| Household final consumption expenditure | -0.4 | 0.8 | 0.0 | 0.0 | 0.1 | -0.5 | 0.3 |
| Government final consumption expenditure | 0.2 | -0.2 | 1.2 | 0.7 | -0.3 | 1.6 | 0.4 |
| Gross capital formation | -0.9 | -0.6 | -1.3 | -4.3 | 0.2 | 0.0 | 3.5 |
| Gross fixed capital formation | 0.6 | -0.2 | -0.3 | -1.4 | 0.2 | -2.1 | -0.1 |
| Gross fixed capital formation in construction | 1.4 | -0.7 | -1.3 | -1.9 | 0.7 | -2.2 | -0.3 |
| Gross fixed capital formation in machinery and equipment | -1.0 | -0.2 | 0.5 | -2.1 | -1.3 | -3.4 | -0.2 |
| Other fixed assets | 1.7 | 1.0 | 0.9 | 1.4 | 1.4 | 0.6 | 0.6 |
| Changes in inventories 1 2 | -0.3 | -0.1 | -0.2 | -0.7 | 0.0 | 0.4 | 0.8 |
| Domestic uses | -0.3 | 0.2 | -0.1 | -0.9 | 0.1 | 0.1 | 1.0 |
| Exports | 0.2 | -0.4 | -0.7 | -0.9 | 1.4 | 0.2 | -1.9 |
| Imports | -1.0 | 0.5 | -1.4 | -2.0 | 1.0 | 1.2 | 0.2 |
| Balance of exports and imports (net exports)2 | 0.5 | -0.4 | 0.3 | 0.5 | 0.2 | -0.4 | -0.9 |
| Gross domestic product (GDP) | 0.1 | -0.2 | 0.2 | -0.4 | 0.2 | -0.3 | 0.1 |
| memorandum item: | |||||||
| GDP per person in employment | -0.1 | -0.3 | 0.1 | -0.5 | 0.1 | -0.3 | 0.2 |
| GDP per hour worked by persons in employment 3 | -0.6 | -0.5 | 0.3 | 0.5 | 0.1 | -0.7 | -0.1 |
| 2023 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| 1st qtr | 2nd qtr | 3rd qtr | 4th qtr | 1st qtr | 2nd qtr | 3rd qtr | |
| qtr = quarter | |||||||
| Unadjusted figures Change on the previous year | |||||||
| Agriculture, forestry and fishing | 1.1 | 0.6 | 0.1 | 0.8 | -0.1 | -0.4 | 0.1 |
| Industry, excluding construction | 2.5 | -0.6 | -3.2 | -0.9 | -4.0 | -2.0 | -1.9 |
| including: | |||||||
| Manufacturing | 3.4 | 1.4 | -0.9 | -0.3 | -4.2 | -1.7 | -2.0 |
| Construction | -2.3 | -1.0 | 0.5 | 1.0 | -3.5 | -3.5 | -3.8 |
| Trade, transport, accommodation and food services | -0.9 | -2.3 | -2.2 | -0.3 | 0.0 | 0.7 | 0.3 |
| Information and communication | 4.6 | 3.7 | 2.4 | 4.1 | 2.9 | 3.4 | 2.5 |
| Financial and insurance activities | -3.4 | 0.1 | 1.3 | -0.4 | 0.7 | 0.3 | -0.5 |
| Real estate activities | 1.1 | 0.9 | 1.1 | 2.2 | 1.8 | 1.9 | 1.1 |
| Business services | -0.7 | 0.8 | 0.3 | 1.6 | 0.9 | 1.2 | 0.3 |
| Public services, education, health | 2.6 | 1.6 | 0.6 | 1.3 | 1.3 | 1.6 | 2.3 |
| Other services | 3.0 | 1.6 | 1.6 | 1.9 | 1.4 | 1.6 | 1.6 |
| Gross value added, total | 0.9 | 0.2 | -0.6 | 0.8 | -0.4 | 0.3 | 0.1 |
| Seasonally and calendar adjusted figures change on the previous quarter | |||||||
| Agriculture, forestry and fishing | -0.9 | 0.7 | 0.4 | 0.5 | -1.6 | 0.4 | 0.8 |
| Industry, excluding construction | 0.3 | -0.6 | -1.4 | 0.9 | -1.3 | -1.0 | -1.4 |
| including: | |||||||
| Manufacturing | 1.1 | -0.1 | -1.0 | 0.0 | -1.0 | -0.8 | -1.4 |
| Construction | 5.8 | -0.6 | -0.9 | -2.1 | 1.8 | -3.4 | -1.2 |
| Trade, transport, accommodation and food services | -1.1 | -0.2 | 0.6 | 0.8 | -0.5 | -0.8 | 0.1 |
| Information and communication | 3.2 | -0.5 | 0.3 | 1.3 | 1.9 | -0.4 | -0.4 |
| Financial and insurance activities | -0.7 | 0.0 | -0.1 | 0.6 | 0.4 | -0.8 | -0.9 |
| Real estate activities | 0.8 | 0.0 | 0.5 | 0.9 | 0.4 | 0.0 | -0.2 |
| Business services | -0.2 | 0.5 | 0.5 | 1.0 | -0.7 | 0.3 | -0.3 |
| Public services, education, health | 0.4 | 0.1 | 0.7 | 0.2 | 0.4 | 0.2 | 1.3 |
| Other services | 3.4 | -0.6 | 1.1 | -1.3 | 2.2 | -0.3 | 0.6 |
| Gross value added, total | 0.5 | -0.2 | 0.0 | 0.5 | -0.1 | -0.5 | -0.2 |
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