Press release 407 / 2012-11-23:Detailed results on the gross domestic product for the 3rd quarter of 2012
WIESBADEN- Despite the European recession, the German economy continues its growth, although at a slightly slower pace. As the Federal Statistical Office (Destatis) already reported in its first release of 15 November 2012, the gross domestic product (GDP) rose 0.2% - upon price, seasonal and calendar adjustment - in the third quarter of 2012 compared with the previous quarter. During the first half of the year, GDP growth had been somewhat larger, that is, + 0.5% in the first quarter and + 0.3% in the second quarter.
Gross domestic product, price-adjusted, chain-linked
(figures adjusted for seasonal and calendar effects using Census X-12-ARIMA) Changes on a quarter earlier:
|
2011
|
2012
|
|
1st quarter
|
2nd quarter
|
3rd quarter
|
4th quarter
|
1st quarter
|
2nd quarter
|
3rd quarter
|
|
+1.2%
|
+0.5%
|
+0.4%
|
-0.1%
|
+0.5%
|
+0.3%
|
+0.2%
|
In a quarter-on-quarter comparison (adjusted for price, seasonal and calendar effects), positive contributions were made by foreign demand. In the third quarter of 2012, exports of goods and services were up 1.4% compared with the second quarter. In the same period, imports increased to a somewhat lesser extent (+1.0%). Thus, the balance of exports and imports strengthened the GDP development by contributing 0.3 percentage points to its growth.
In the reference quarter, there were mixed signs from domestic demand. Final consumption expenditure of both households (+0.3%) and government (+0.4%) was up on the previous quarter. Gross fixed capital formation in construction increased, too (+1.5%). However, gross fixed capital formation in machinery and equipment continued to decrease (for one year now). In the reference quarter, it recorded a 2.0% decline. In addition, inventories decreased, which also damped economic growth (-0.3 percentage points).
The following information refers to the year-on-year comparison:
In a year-on-year comparison, too, economic growth has slowed down since the beginning of this year. Price-adjusted GDP rose 0.4% in the third quarter of 2012 compared with the same quarter of 2011. The relatively small increase was due, among other things, to a calendar effect, as was the case in the second quarter. The reference quarter had one working day less than the same quarter of the previous year, which had a negative impact on GDP growth. In calendar-adjusted terms, the GDP increase was larger (+0.9%).latively small increase was due, among other things, to a calendar effect, as was the case in the second quarter. The reference quarter had one working day less than the same quarter of the previous year, which had a negative impact on GDP growth. In calendar-adjusted terms, the GDP increase was larger (+0.9%).
Gross domestic product, price-adjusted, chain-linked (unadjusted figures)
Changes on a year earlier:
|
2011
|
2012
|
|
1st quarter
|
2nd quarter
|
3rd quarter
|
4th quarter
|
1st quarter
|
2nd quarter
|
3rd quarter
|
|
+5.2%
|
+3.1%
|
+2.6%
|
+1.4%
|
+1.7%
|
+0.5%
|
+0.4%
|
According to first provisional calculations, the economic performance in the third quarter of 2012 was achieved by about 41.7 million persons in employment in the domestic territory, which was an increase of 360,000 or 0.9% on a year earlier.
Overall labour productivity (price-adjusted GDP per person in employment) declined by 0.5% in the third quarter of 2012. When measured per hour worked by persons in employment, however, labour productivity increased by 0.8% according to first provisional calculations because, on average, the number of hours worked per person in employment was much lower than in the previous year (-1.3%). This was mainly due to the smaller number of working days as compared with the same period a year earlier.
On the use side of GDP, growth in the third quarter of 2012 was mainly based on foreign trade when compared with the previous year. In price-adjusted terms, exports of goods and services increased by 4.2% on a year earlier. Imports rose only by 1.6% in the same period. Hence, the balance of exports and imports (+1.4 percentage points) was the driving factor for GDP increase compared with the preceding year.
In contrast, businesses cut down on investments in such a way that price-adjusted gross fixed capital formation in machinery and equipment dropped sharply (-8.0%) against the third quarter of 2011. Only investments in dwellings were again up on a year earlier, so that total gross fixed capital formation in constructionwas slightly higher, too (+0.1%). The price-adjusted final consumption expenditure of households declined in comparison with the preceding year (-0.2%) for the first time since 2009. On the whole, domestic uses were down 1.0% on a year earlier.
On the production side of GDP, the individual economic sectors showed diverging trends in the third quarter of 2012: While all service branches managed to improve their economic performance against the preceding year, price-adjusted value added was down both in manufacturing (-2.6%) and in construction (-0.5%).
At current prices, gross domestic product was up 1.8% and gross national income by 1.5% in the third quarter of 2012 on the third quarter of 2011. Net national income (at factor costs) rose by a total 1.0%, with the two components showing most different trends: While the compensation of employees was up 3.5%, property and entrepreneurial income was down 3.5% according to first provisional calculations. Net wages and salaries of employees were up 3.1% on a year earlier, but the average increase per employee was a mere 2.0%. The disposable income of households rose 1.3% as did the final consumption expenditure of households at current prices. This resulted in a provisional savings ratio of households of 8.8% in the third quarter of 2012.
In the context of the first calculation of data for the third quarter of 2012, the national accounts results published previously for the first two quarters of 2012 were also revised and modified where necessary. There was no need to correct price-adjusted GDP, while some GDP components had to be revised considerably. Also, as regards seasonally and calendar-adjusted series, there may be modified results within the entire time series from 1991 due to methodological reasons.
National accounts data may be accessed via the internet. In addition, more detailed results are published in Fachserie18 "National Accounts", Series 1.2 "Quarterly results" and Series 1.3 "Seasonally adjusted quarterly results using Census X-12-ARIMA and BV 4.1". The above and other publications can be downloaded at the publications service. A detailed quality report on national accounts is also available.
Gross domestic product
|
|
Unadjusted figures
|
Figures according to Census X-12-ARIMA,
price-adjusted, chain-linked
|
|
At current prices
|
Price-adjusted,
chain-linked
|
Seasonally and calendar-adjusted
|
Calendar-adjusted
|
|
EUR billion
|
2005 = 100
|
2005 = 100
|
|
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 %.
3 As for years, the calendar-adjusted values equal the seasonally and calendar-adjusted values (except for differences due to rounding).
|
|
2010
|
2,496.20
|
5.1
|
106.97
|
4.2
|
106.76
|
4.0
|
4.0
|
|
2011
|
2,592.60
|
3.9
|
110.21
|
3.0
|
110.07
|
3.1
|
3.1
|
|
2010
|
1st quarter
|
598.33
|
4.3
|
103.07
|
2.8
|
104.49
|
0.7
|
2.7
|
|
2nd quarter
|
612.66
|
6.0
|
106.21
|
5.0
|
106.80
|
2.2
|
4.6
|
|
3rd quarter
|
640.71
|
5.2
|
109.81
|
4.5
|
107.55
|
0.7
|
4.5
|
|
4th quarter
|
644.50
|
4.9
|
108.79
|
4.2
|
108.20
|
0.6
|
4.2
|
|
2011
|
1st quarter
|
633.01
|
5.8
|
108.42
|
5.2
|
109.53
|
1.2
|
4.9
|
|
2nd quarter
|
637.56
|
4.1
|
109.49
|
3.1
|
110.03
|
0.5
|
3.0
|
|
3rd quarter
|
663.12
|
3.5
|
112.64
|
2.6
|
110.43
|
0.4
|
2.7
|
|
4th quarter
|
658.91
|
2.2
|
110.28
|
1.4
|
110.27
|
-0.1
|
1.9
|
|
2012
|
1st quarter
|
651.25
|
2.9
|
110.26
|
1.7
|
110.82
|
0.5
|
1.2
|
|
2nd quarter
|
648.60
|
1.7
|
110.04
|
0.5
|
111.12
|
0.3
|
1.0
|
|
3rd quarter
|
674.85
|
1.8
|
113.08
|
0.4
|
111.38
|
0.2
|
0.9
|
Use of the gross domestic product
Unadjusted figures
|
|
2011
|
2012
|
|
Year
|
3rd quarter
|
4th quarter
|
1st quarter
|
2nd quarter
|
3rd quarter
|
|
At current prices
|
|
EUR billion
|
|
Consumption expenditure
|
1,987.43
|
506.52
|
514.58
|
489.10
|
502.94
|
515.11
|
|
Final consumption expenditure of households and NPISHs
|
1,487.66
|
384.49
|
379.83
|
364.27
|
377.86
|
389.53
|
|
Government final consumption expenditure
|
499.77
|
122.03
|
134.75
|
124.83
|
125.08
|
125.58
|
|
Gross capital formation
|
473.51
|
130.22
|
110.00
|
121.69
|
107.65
|
125.14
|
|
Gross fixed capital formation (GFCF)
|
469.85
|
122.97
|
124.07
|
105.17
|
119.04
|
121.33
|
|
including: GFCF in machinery and equipment
|
183.22
|
45.24
|
51.15
|
42.21
|
43.63
|
41.72
|
|
GFCF in construction
|
258.09
|
70.65
|
65.12
|
56.07
|
68.31
|
72.35
|
|
Domestic uses
|
2,460.94
|
636.74
|
624.58
|
610.79
|
610.59
|
640.25
|
|
Exports
|
1,300.81
|
326.85
|
333.87
|
335.54
|
339.73
|
344.18
|
|
Imports
|
1,169.15
|
300.47
|
299.54
|
295.08
|
301.72
|
309.58
|
|
Gross domestic product (GDP)
|
2,592.60
|
663.12
|
658.91
|
651.25
|
648.60
|
674.85
|
|
Price-adjusted, chain-linked
|
|
Change on the previous year in %
|
|
Consumption expenditure
|
1.5
|
1.8
|
1.0
|
1.6
|
0.5
|
0.1
|
|
Final consumption expenditure of households and NPISHs
|
1.7
|
2.1
|
0.9
|
1.5
|
0.4
|
-0.2
|
|
Government final consumption expenditure
|
1.0
|
0.9
|
1.3
|
1.7
|
0.8
|
1.0
|
|
Gross capital formation
|
7.2
|
5.8
|
5.4
|
0.7
|
-7.0
|
-5.3
|
|
Gross fixed capital formation (GFCF)
|
6.2
|
3.7
|
4.5
|
1.2
|
-2.6
|
-2.6
|
|
including: GFCF in machinery and equipment
|
7.0
|
5.6
|
2.3
|
2.4
|
-4.8
|
-8.0
|
|
GFCF in construction
|
5.8
|
2.5
|
6.5
|
0.2
|
-1.8
|
0.1
|
|
Domestic uses
|
2.6
|
2.6
|
1.7
|
1.4
|
-0.9
|
-1.0
|
|
Exports
|
7.8
|
7.3
|
3.9
|
3.5
|
5.0
|
4.2
|
|
Imports
|
7.4
|
7.9
|
5.1
|
3.2
|
2.4
|
1.6
|
|
Gross domestic product (GDP)
|
3.0
|
2.6
|
1.4
|
1.7
|
0.5
|
0.4
|
memorandum item:
GDP per person in employment
|
1.6
|
1.2
|
0.0
|
0.3
|
-0.6
|
-0.5
|
|
GDP per hour worked by persons in employment
|
1.6
|
1.4
|
1.2
|
-0.3
|
-0.0
|
0.8
|
|
Contributions to growth of price-adjusted GDP in percentage points
|
|
Consumption expenditure
|
1.2
|
1.4
|
0.8
|
1.2
|
0.4
|
0.1
|
|
Final consumption expenditure of households and NPISHs
|
1.0
|
1.2
|
0.5
|
0.8
|
0.2
|
-0.1
|
|
Government final consumption expenditure
|
0.2
|
0.2
|
0.3
|
0.3
|
0.1
|
0.2
|
|
Gross capital formation
|
1.3
|
1.1
|
0.9
|
0.1
|
-1.3
|
-1.0
|
|
Gross fixed capital formation (GFCF)
|
1.1
|
0.7
|
0.8
|
0.2
|
-0.5
|
-0.5
|
|
including: GFCF in machinery and equipment
|
0.5
|
0.4
|
0.2
|
0.2
|
-0.3
|
-0.5
|
|
GFCF in construction
|
0.6
|
0.3
|
0.6
|
0.0
|
-0.2
|
0.0
|
|
Changes in inventories, etc.
|
0.2
|
0.4
|
0.1
|
-0.1
|
-0.8
|
-0.5
|
|
Domestic uses
|
2.4
|
2.5
|
1.6
|
1.3
|
-0.9
|
-1.0
|
|
Balance of exports and imports (net exports)
|
0.6
|
0.1
|
-0.3
|
0.4
|
1.4
|
1.4
|
Use of the gross domestic product
Seasonally and calendar-adjusted figures according to Census X-12-ARIMA
|
|
2011
|
2012
|
|
3rd quarter
|
4th quarter
|
1st quarter
|
2nd quarter
|
3rd quarter
|
|
1 Only seasonally adjusted.
|
|
At current prices
|
|
EUR billion
|
|
Consumption expenditure
|
499.43
|
501.52
|
504.50
|
506.09
|
509.24
|
|
Final consumption expenditure of households and NPISHs
|
374.36
|
375.48
|
376.93
|
378.18
|
380.47
|
|
Government final consumption expenditure
|
125.07
|
126.04
|
127.57
|
127.91
|
128.77
|
|
Gross capital formation
|
118.09
|
117.03
|
118.11
|
116.33
|
113.27
|
|
Gross fixed capital formation (GFCF)
|
117.33
|
118.83
|
118.25
|
115.97
|
116.60
|
|
including: GFCF in machinery and equipment
|
46.14
|
46.06
|
45.70
|
43.74
|
43.00
|
|
GFCF in construction
|
64.04
|
65.49
|
65.35
|
64.99
|
66.27
|
|
Domestic uses
|
617.52
|
618.55
|
622.61
|
622.42
|
622.51
|
|
Exports
|
328.74
|
327.90
|
331.94
|
343.48
|
348.96
|
|
Imports
|
295.98
|
295.95
|
297.66
|
304.83
|
306.59
|
|
Gross domestic product (GDP)
|
650.28
|
650.50
|
656.89
|
661.07
|
664.88
|
|
Price-adjusted, chain-linked
|
|
Change on the previous quarter in %
|
|
Consumption expenditure
|
1.0
|
-0.1
|
0.1
|
0.0
|
0.4
|
|
Final consumption expenditure of households and NPISHs
|
1.3
|
-0.3
|
-0.0
|
0.1
|
0.3
|
|
Government final consumption expenditure
|
0.2
|
0.5
|
0.4
|
-0.2
|
0.4
|
|
Gross capital formation
|
-3.7
|
-0.1
|
-1.4
|
-2.3
|
-1.7
|
|
Gross fixed capital formation (GFCF)
|
0.4
|
0.8
|
-0.8
|
-2.1
|
0.2
|
|
including: GFCF in machinery and equipment
|
1.6
|
-0.3
|
-0.9
|
-4.0
|
-2.0
|
|
GFCF in construction
|
-0.7
|
1.4
|
-0.7
|
-1.1
|
1.5
|
|
Domestic uses
|
0.1
|
-0.1
|
-0.2
|
-0.4
|
-0.0
|
|
Exports
|
2.1
|
-0.5
|
0.7
|
3.3
|
1.4
|
|
Imports
|
1.7
|
-0.4
|
-0.7
|
2.2
|
1.0
|
|
Gross domestic product (GDP)
|
0.4
|
-0.1
|
0.5
|
0.3
|
0.2
|
memorandum item:
GDP per person in employment
|
0.1
|
-0.5
|
0.2
|
0.2
|
0.1
|
|
|
-0.1
|
-0.3
|
-0.1
|
0.5
|
0.8
|
|
Contributions to growth of price-adjusted GDP in percentage points
|
|
Consumption expenditure
|
0.8
|
-0.1
|
0.1
|
0.0
|
0.3
|
|
Final consumption expenditure of households and NPISHs
|
0.7
|
-0.2
|
0.0
|
0.1
|
0.2
|
|
Government final consumption expenditure
|
0.0
|
0.1
|
0.1
|
0.0
|
0.1
|
|
Gross capital formation
|
-0.7
|
0.0
|
-0.2
|
-0.4
|
-0.3
|
|
Gross fixed capital formation (GFCF)
|
0.1
|
0.1
|
-0.2
|
-0.4
|
0.0
|
|
including: GFCF in machinery and equipment
|
0.1
|
0.0
|
-0.1
|
-0.3
|
-0.1
|
|
GFCF in construction
|
-0.1
|
0.1
|
-0.1
|
-0.1
|
0.1
|
|
Changes in inventories and so on
|
-0.8
|
-0.1
|
0.0
|
0.0
|
-0.3
|
|
Domestic uses
|
0.1
|
-0.1
|
-0.2
|
-0.4
|
0.0
|
|
Balance of exports and imports (net exports)
|
0.3
|
0.0
|
0.7
|
0.7
|
0.3
|
Gross value added by economic sector
|
|
2011
|
2012
|
|
Year
|
3rd quarter
|
4th quarter
|
1st quarter
|
2nd quarter
|
3rd quarter
|
|
At current prices
|
|
EUR billion
|
|
Agriculture, forestry and fishing
|
21.57
|
5.60
|
4.97
|
5.65
|
6.09
|
5.99
|
|
Industry, excluding construction
|
607.44
|
155.65
|
154.64
|
151.09
|
152.90
|
155.50
|
|
including: Manufacturing
|
524.51
|
136.11
|
132.00
|
130.43
|
132.31
|
134.85
|
|
Construction
|
106.05
|
28.64
|
26.44
|
24.92
|
26.93
|
29.28
|
|
Trade, transport, accommodation and food services
|
369.73
|
97.28
|
93.28
|
88.68
|
95.97
|
99.76
|
|
Information and communication
|
88.96
|
22.99
|
22.25
|
22.94
|
21.88
|
23.56
|
|
Financial and insurance activities
|
101.55
|
25.44
|
25.27
|
24.58
|
23.42
|
23.12
|
|
Real estate activities
|
264.17
|
68.08
|
65.91
|
66.25
|
66.30
|
69.56
|
|
Business services
|
242.92
|
62.68
|
61.98
|
63.66
|
59.93
|
65.11
|
|
Public services, education, health
|
412.43
|
102.09
|
107.58
|
106.60
|
102.67
|
106.06
|
|
Other services
|
102.61
|
25.83
|
26.93
|
25.91
|
24.88
|
26.56
|
|
Gross value added, total
|
2,317.43
|
594.28
|
589.25
|
580.28
|
580.97
|
604.50
|
|
Price-adjusted, chain-linked
|
|
Change on the previous year in %
|
|
Agriculture, forestry and fishing
|
-9.2
|
-1.0
|
-12.9
|
2.8
|
-0.3
|
2.8
|
|
Industry, excluding construction
|
6.2
|
6.1
|
0.7
|
1.2
|
-0.9
|
-2.2
|
|
including: Manufacturing
|
8.3
|
8.1
|
2.2
|
2.3
|
-1.2
|
-2.6
|
|
Construction
|
4.6
|
1.4
|
6.7
|
1.1
|
-2.4
|
-0.5
|
|
Trade, transport, accommodation and food services
|
3.1
|
2.4
|
1.8
|
2.5
|
1.0
|
0.7
|
|
Information and communication
|
1.9
|
2.1
|
1.9
|
3.5
|
2.6
|
3.2
|
|
Financial and insurance activities
|
1.4
|
3.4
|
1.4
|
1.8
|
2.2
|
1.8
|
|
Real estate activities
|
0.6
|
0.5
|
1.1
|
1.7
|
1.6
|
1.5
|
|
Business services
|
4.2
|
3.7
|
3.4
|
4.1
|
3.0
|
2.4
|
|
Public services, education, health
|
0.9
|
0.8
|
1.1
|
0.9
|
1.0
|
0.7
|
|
Other services
|
-0.5
|
-0.7
|
0.3
|
1.2
|
0.8
|
0.6
|
|
Gross value added, total
|
3.0
|
2.7
|
1.4
|
1.8
|
0.7
|
0.3
|
Distribution of gross national income
|
|
2011
|
2012
|
|
Year
|
3rd quarter
|
4th quarter
|
1st quarter
|
2nd quarter
|
3rd quarter
|
|
At current prices
|
|
EUR billion
|
|
Gross national income
|
2,640.91
|
678.14
|
681.47
|
665.03
|
652.93
|
688.55
|
|
Net national income (factor costs)
|
1,984.62
|
512.53
|
517.89
|
497.47
|
484.93
|
517.45
|
|
Compensation of employees
|
1,327.97
|
327.43
|
365.84
|
321.10
|
337.24
|
338.92
|
|
Property and entrepreneurial income
|
656.65
|
185.10
|
152.05
|
176.37
|
147.69
|
178.53
|
|
Gross wages and salaries of employees
|
1,083.87
|
267.57
|
299.82
|
261.85
|
275.28
|
277.48
|
|
Net wages and salaries of employees
|
725.79
|
182.91
|
200.76
|
175.11
|
179.68
|
188.54
|
|
Memorandum item: Disposable income of households
|
1,630.14
|
414.18
|
410.26
|
414.51
|
412.28
|
419.53
|
|
Savings ratio (in %)
|
10.4
|
8.8
|
9.1
|
13.7
|
10.0
|
8.8
|
|
Change on the previous year in %
|
|
Gross national income
|
3.7
|
3.7
|
2.1
|
3.1
|
2.6
|
1.5
|
|
Net national income (factor costs)
|
3.4
|
3.6
|
1.7
|
3.2
|
2.7
|
1.0
|
|
Compensation of employees
|
4.5
|
4.3
|
3.9
|
3.7
|
3.8
|
3.5
|
|
Property and entrepreneurial income
|
1.3
|
2.3
|
-3.4
|
2.3
|
0.4
|
-3.5
|
|
Gross wages and salaries of employees
|
4.8
|
4.6
|
4.3
|
4.0
|
4.0
|
3.7
|
|
Net wages and salaries of employees
|
4.0
|
3.7
|
4.0
|
3.8
|
3.6
|
3.1
|
|
Memorandum item: Disposable income of households
|
3.2
|
3.5
|
2.8
|
3.4
|
1.9
|
1.3
|
For further information please contact:
National accounts info team,
tel: +49 611 75 2626,
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