Press German economy continues to grow in 2015

Press release No. 014 of 14 January 2016

WIESBADEN – The economic situation in Germany was characterised by solid and steady growth in 2015. According to first calculations of the Federal Statistical Office, the price-adjusted gross domestic product (GDP) rose 1.7% on an annual average in 2015 on the previous year. In 2014, the GDP growth rate had been similar (+1.6%), while in 2013 it had been just +0.3%. Examining the longer-term economic growth reveals that growth in 2015 was above the average of the last ten years (+1.3%) again.

Gross domestic product, price-adjusted, chain-linked

Change on the previous year (in percent): 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 +0.7 +3.7 +3.3 +1.1 –5.6 +4.1 +3.7 +0.4 +0.3 +1.6 +1.7

In calendar-adjusted terms, the GDP growth rate was slightly lower (+1.5%) because the number of working days available in 2015 was higher than in 2014.

Gross domestic product, price- and calendar-adjusted, chain-linked

Change on the previous year (in percent): 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 +0.9 +3.9 +3.4 +0.8 –5.6 +3.9 +3.7 +0.6 +0.4 +1.6 +1.5

On the use side of the gross domestic product, final consumption expenditure was the main driving force for German economic growth in 2015. Household final consumption expenditure increased by a price-adjusted 1.9% on the previous year, government final consumption expenditure by even 2.8%. Capital formation increased, too. In the domestic territory, gross fixed capital formation in machinery and equipment by businesses and general government together was up 3.6% on a year earlier. Also, price-adjusted gross fixed capital formation in construction increased slightly by 0.2%. German foreign trade was more dynamic again in 2015. Price-adjusted exports of goods and services were up 5.4% on the previous year. As a similar growth rate was recorded for imports (+5.7%), the resulting balance of exports and imports made a relatively small contribution to GDP growth (+0.2 percentage points).



On the production side of the gross domestic product, both industry (excluding construction) and the services sector contributed to the economic upturn in 2015. Industry (excluding construction), which accounts for over a quarter of total gross value added, increased markedly by 2.2%. A largely positive development was also observed for the services sector. Only for financial and insurance activities a price-adjusted decrease (–1.0%) was observed in 2015. Also, a slight decrease in economic performance (–0.2%) was recorded for construction in 2015 – despite the largely mild weather in the winter months – following a strong increase in the previous year. Total price-adjusted gross value added of all economic sectors rose 1.6% in 2015 on the previous year.



The economic performance in Germany on an annual average in 2015 was achieved for the first time by over 43 million persons in employment whose place of employment was in Germany. According to first provisional calculations, the number of persons in employment was by roughly 329,000, or 0.8%, higher in 2015 than a year earlier. Hence, the upward trend observed for the last ten years continued. Labour productivity (price-adjusted gross domestic product per hour worked by persons in employment) in 2015 was by 0.5% higher than in the previous year. Measured per person in employment its increase was slightly larger (+0.9%).



The government budgets continued their consolidation in 2015. According to provisional calculations, general government – comprising central, state and local government and social security funds – recorded net lending of 16.4 billion euros at the end of the year. When measured as a percentage of the gross domestic product at current prices, this is a +0.5% surplus ratio of general government for 2015. For the second consecutive year, general government showed a surplus according to the most recent calculations.

Gross domestic product, gross national income and

net national income (factor costs) 2012 2013 2014 2015 Change on the previous year in % At current prices Final consumption expenditure of households and NPISHs 2.6 1.9 1.9 2.5 Government final consumption expenditure 3.4 3.7 4.1 4.5 Gross fixed capital formation ( GFCF ) 1.5 0.3 5.0 3.1 including: GFCF in machinery and equipment –1.8 –2.0 4.7 4.0 GFCF in construction 3.3 1.6 5.2 1.9 D o m e s t i c u s e s 0.6 2.5 2.6 2.6 Exports 4.6 1.3 3.9 6.4 Imports 1.8 1.3 2.1 4.0 G r o s s d o m e s t i c p r o d u c t (GDP) 1.9 2.4 3.4 3.8 Gross national income 1.8 2.2 3.5 3.7 Net national income (factor costs) 1.2 2.2 3.8 4.1 Compensation of employees 3.9 2.8 3.8 3.9 Property and entrepreneurial income –4.1 0.9 3.8 4.6 Disposable income of households 2.1 1.8 2.3 2.8 Price-adjusted, chain-linked Final consumption expenditure of households and NPISHs 1.0 0.6 0.9 1.9 Government final consumption expenditure 1.3 0.8 1.7 2.8 Gross fixed capital formation (GFCF) –0.4 –1.3 3.5 1.7 including: GFCF in machinery and equipment –2.6 –2.3 4.5 3.6 GFCF in construction 0.5 –1.1 2.9 0.2 D o m e s t i c u s e s –1.0 0.8 1.3 1.6 Exports 2.8 1.6 4.0 5.4 Imports –0.3 3.1 3.7 5.7 G r o s s d o m e s t i c p r o d u c t (GDP) 0.4 0.3 1.6 1.7 memorandum item: GDP per person in employment –0.8 –0.3 0.7 0.9 GDP per hour worked by persons in employment 0.5 0.7 0.4 0.5 Gross value added, total 0.5 0.3 1.5 1.6 including: Industry, excluding construction 0.5 0.4 1.6 2.2 Construction –1.2 –1.2 2.6 –0.2 Contributions to growth of price-adjusted GDP in percentage points Final consumption expenditure of households and NPISHs 0.5 0.4 0.5 1.0 Government final consumption expenditure 0.2 0.2 0.3 0.5 Gross fixed capital formation (GFCF) –0.1 –0.3 0.7 0.3 including: GFCF in machinery and equipment –0.2 –0.2 0.3 0.2 GFCF in construction 0.1 –0.1 0.3 0.0 Changes in inventories, and so on –1.6 0.6 –0.3 –0.4 Domestic uses –1.0 0.8 1.2 1.5 Balance of exports and imports (net exports) 1.4 –0.5 0.4 0.2

More detailed information on the national accounting results for 2015 is contained in the statement delivered by President Dieter Sarreither at the press conference today and in the accompanying material on "Bruttoinlandsprodukt 2015 für Deutschland", which is available at www.destatis.de (only in German).

On 12 February 2016, the Federal Statistical Office will publish first national accounting results for the fourth quarter of 2015 and the revised results for the year 2015 (only GDP ). Detailed results will be released on 23 February 2016.



The results published last time in November 2015 for the years 1991 to 2014 have not been revised, as is always the case at this time of the year.

National accounts data may be accessed via the Federal Statistical Office (Destatis) website. More detailed results are published in Fachserie 18 "National Accounts", Series 1.1 "First Annual Results". The above and other publications can be downloaded from Publications. A detailed quality report on national accounts is also available.