Detailed gross domestic product results for the 1st quarter of 2017

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MIL OSI – Source: Destatis Statistisches Bundesamt – In English –

Headline: Detailed gross domestic product results for the 1st quarter of 2017

WIESBADEN – The German economy continues to grow. In the first quarter of 2017, the gross domestic product (GDP) rose 0.6% on the fourth quarter of 2016 after adjustment for price, seasonal and calendar variations. The Federal Statistical Office (Destatis) also reports that, in the second half of the previous year, the GDP product grew a little more moderately (+0.2% in the third and +0.4% in the fourth quarter of 2016).Gross domestic product, price-adjusted, chain-linked (figures adjusted for seasonal and calendar effects using Census X-12-ARIMA)Changes on a quarter earlier (in percent):2015201620171st quarter2nd quarter3rd quarter4th quarter1st quarter2nd quarter3rd quarter4th quarter1st quarter+0.2+0.5+0.2+0.4+0.7+0.5+0.2+0.4+0.6The quarter-on-quarter comparison (following price, seasonal and calendar adjustment) shows that positive contributions came from both domestic and foreign demand. Especially fixed capital formation increased markedly at the beginning of the year. Gross fixed capital formation in machinery and equipment rose 1.2% on the fourth quarter of 2016. Gross fixed capital formation in construction increased even 2.3%, one reason being the mild weather. Final consumption expenditure of households rose by 0.3% and government final consumption expenditure by 0.4% on the previous quarter. External demand increased, too. According to provisional calculations, exports of goods and services were up a total 1.3% compared with the fourth quarter of 2016 (adjusted for price, seasonal and calendar effects). Although, in the same period, imports rose too, their increase was smaller (+0.4%) than that of exports. Arithmetically, the balance of exports and imports thus contributed +0.4 percentage points to GDP growth.

The following information refers to the year-on-year comparison:Economic growth accelerated year on year, too. The price-adjusted GDP in the first quarter of 2017 was up by 2.9% compared with the first quarter of 2016. Upon adjustment for the exceptionally strong calendar effects due to the timing of public holidays, the GDP increased by 1.7%, which corresponds largely to the calendar-adjusted growth rates of the previous year (+1.7% in the third quarter of 2016 and +1.8% in the fourth quarter of 2016).
Gross domestic product, price-adjusted, chain-linked (unadjusted figures)Changes on a year earlier (in percent):2015201620171st quarter2nd quarter3rd quarter4th quarter1st quarter2nd quarter3rd quarter4th quarter1st quarter+1.3+1.8+1.8+2.1+1.5+3.2+1.6+1.3+2.9The economic performance in the first quarter of 2017 was achieved by 43.7 million persons in employment, which was an increase of 638,000 or 1.5% on a year earlier.Overall labour productivity (price-adjusted gross domestic product per hour worked by persons in employment) was down 0.3% on the previous year, according to provisional calculations. One of the reasons for the decrease was a strong increase in the total number of hours worked by all persons in employment. A negative development of labour productivity per hour worked by persons in employment was last recorded in 2009. Measured per person in employment, labour productivity rose by 1.4%.

In a year-on-year comparison, too, contributions to growth were made both by domestic and foreign demand in the first quarter of 2017. Household final consumption expenditure was up by 1.6%, government final consumption expenditure by 1.5%. Compared with the first quarter of 2016, gross fixed capital formation in machinery and equipment grew a price-adjusted 2.0%. Gross fixed capital formation in construction was markedly up by 4.7% due to the mild weather and the good economic situation. A year-on-year increase was recorded especially in gross fixed capital formation in dwellings. On the whole, domestic uses rose by 2.2%.

The development of foreign trade was positive, too. In the first quarter of 2017, price-adjusted exports of goods and services were markedly up (+6.6%) on a year earlier. In the same period imports grew strongly, too (+5.6%). Mathematically, the balance of exports and imports contributed 0.9 percentage points to the GDP growth in a year-on-year comparison.

On the production side of the gross domestic product, price-adjusted gross value added at the beginning of 2017 was higher than a year earlier in all economic sectors with the exception of agriculture, forestry and fishing. The highest growth rates were recorded for manufacturing (+4.1%), construction (+4.0%), business services (+3.8%) and information and communication services (+3.7%). On the whole, the price-adjusted gross value added of all economic sectors was up 2.9% on the first quarter of 2016.

At current prices, the gross domestic product increased by 3.7% and the gross national income by 3.4% in the first quarter of 2017 on the first quarter of 2016. Net national income at factor costs rose by a total 3.3%. According to first provisional calculations, the compensation of employees (+4.1%) grew markedly faster than property and entrepreneurial income (+1.8%). Gross wages and salaries of employees were up by 4.2% and net wages and salaries by 4.0% on a year earlier. The average wages and salaries per employee did not rise that much (2.4% in gross terms and 2.3% in net terms) because the number of employees went up as well (+1.7%) compared with the same quarter one year earlier. The disposable income of households increased by 3.7%, this rise being slightly higher than that of household final consumption expenditure at current prices (+3.2%).

In addition to calculating first data for the first quarter of 2017, the Federal Statistical Office reviewed the national accounting results published previously – and revised them where necessary – for the quarters and the year of 2016. Regarding the gross domestic product in the third and fourth quarters of 2016, the previous results were partly revised upwards (though to a minor extent). Significant corrections were however made regarding individual GDP components. As is usual for seasonally and calendar adjusted series, modified results may also appear in the whole time series from 1991 onwards.
Gross domestic product  Unadjusted figuresFigures according toCensus X-12-ARIMAprice-adjusted, chain-linkedAt current pricesPrice-adjusted, chain-linkedSeasonally and calendar-adjustedCalendar-adjustedEUR billion% 12010 = 100% 12010 = 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 previous quarter in %. 3 As for years, the calendar-adjusted values equal the seasonally and calendar-adjusted values (except for differences due to rounding).qtr = quarter20153,032.82 3.7108.18 1.7108.09 1.5 1.520163,134.07 3.3110.20 1.9110.02 1.8 1.820151st quarter739.41 3.2106.89 1.3107.44 0.2 1.22nd quarter745.99 3.8106.89 1.8108.00 0.5 1.83 rdquarter771.66 3.7110.35 1.8108.26 0.2 1.74th quarter775.76 4.2108.59 2.1108.65 0.4 1.320161st quarter763.18 3.2108.50 1.5109.43 0.7 1.92nd quarter780.76 4.7110.28 3.2109.94 0.5 1.83 rdquarter794.07 2.9112.08 1.6110.12 0.2 1.74th quarter796.06 2.6109.96 1.3110.58 0.4 1.820171st quarter791.26 3.7111.60 2.9111.25 0.6 1.7Use of the gross domestic productUnadjusted figures 201620171st quarter2nd quarter3rd quarter4th quarter1st quarterAt current pricesEUR billionConsumption expenditure 549.290 571.575 578.284597.660 567.387Final consumption expenditure of households and NPISHs 399.941 421.015 427.947 432.576 412.935Government final consumption expenditure 149.349 150.560 150.337 165.084 154.452Gross capital formation 155.909 139.001 163.824 139.772 165.289Gross fixed capital formation (GFCF) 142.497 161.147 159.942 162.478 149.905GFCFin machinery and equipment 47.171 51.519 48.503 57.216 48.429GFCF in construction 68.007 81.843 83.261 75.638 73.108GFCF in other products 27.319 27.785 28.178 29.624 28.368Domestic uses 705.199 710.576 742.108 737.432 732.676Exports 346.382 366.550 358.485 370.796 375.079Imports 288.401 296.366 306.523 312.168 316.495Gross domestic product (GDP) 763.180 780.760 794.070 796.060 791.260Price-adjusted, chain-linkedChange on the previous year in %Consumption expenditure 2.8 3.4 2.4 1.9 1.5Final consumption expenditure of households and NPISHs 2.1 2.9 1.9 1.6 1.6Government final consumption expenditure 4.7 4.9 3.9 2.7 1.5Gross capital formation 0.5 2.3 1.3–0.1 4.3Gross fixed capital formation (GFCF) 3.2 4.7 1.4–0.4 3.4GFCF in machinery and equipment 3.9 4.4–0.5–2.6 2.0GFCF in construction 3.1 5.5 2.1 0.4 4.7GFCF in other products 2.4 2.7 2.7 2.5 2.5Domestic uses 2.3 3.2 2.1 1.5 2.2Exports 1.3 4.6 1.4 3.3 6.6Imports 3.1 5.0 2.7 4.3 5.6Gross domestic product (GDP) 1.5 3.2 1.6 1.3 2.9Memorandum item: GDP per person in employment 0.2 2.0 0.4–0.1 1.4GDP per hour worked by persons in employment 1.7 0.3 0.5 1.1–0.3Contributions to growth of price-adjusted GDPin percentage pointsConsumption expenditure 2.0 2.5 1.7 1.4 1.1Final consumption expenditure of households and NPISHs 1.1 1.6 1.0 0.9 0.8Government final consumption expenditure 0.9 0.9 0.7 0.5 0.3Gross capital formation 0.1 0.4 0.3 0.0 0.9Gross fixed capital formation (GFCF) 0.6 0.9 0.3–0.1 0.6GFCF in machinery and equipment 0.2 0.3 0.0–0.2 0.1GFCF in construction 0.3 0.6 0.2 0.0 0.4GFCF in other products 0.1 0.1 0.1 0.1 0.1Changes in inventories, and so on–0.5–0.5 0.0 0.1 0.3Domestic uses 2.1 2.9 2.0 1.4 2.0Balance of exports and imports (net exports)–0.6 0.3–0.5–0.1 0.9Use of the gross domestic productSeasonally and calendar-adjusted figures according to Census X-12-ARIMA 201620171st quarter2nd quarter3rd quarter4th quarter1st quarter 1 Only seasonally adjusted.At current pricesEUR billionConsumption expenditure 567.557 571.535 574.975 580.036 585.224Final consumption expenditure of households and NPISHs 415.330 417.890 420.879 424.674 427.878Government final consumption expenditure 152.227 153.645 154.096 155.362 157.346Gross capital formation 147.438 146.996 149.476 154.558 152.281Gross fixed capital formation (GFCF) 156.389 154.846 155.418 156.819 160.255GFCF in machinery and equipment 51.686 50.490 50.476 50.612 51.168GFCF in construction 76.868 76.237 76.571 77.626 80.199GFCF in other products 27.835 28.119 28.371 28.581 28.888Domestic uses 714.995 718.531 724.451 734.594 737.505Exports 355.035 357.767 357.608 365.940 374.555Imports 295.724 295.822 299.109 309.618 318.478Gross domestic product (GDP) 774.306 780.476 782.950 790.916 793.582Price-adjusted,chain-linkedChange on the previous quarter in %Consumption expenditure 0.9 0.5 0.4 0.2 0.3Final consumption expenditure of households and NPISHs 0.7 0.4 0.5 0.2 0.3Government final consumption expenditure 1.6 0.7 0.1 0.3 0.4Gross capital formation–0.6–1.5 1.4 2.5–0.5Gross fixed capital formation (GFCF) 1.5–1.3–0.1 0.4 1.7GFCF in machinery and equipment 0.9–2.3–0.5–0.1 1.2GFCF in construction 2.1–1.4–0.0 0.8 2.3GFCF in other products 0.9 0.7 0.6 0.3 0.8Domestic uses 0.6 0.0 0.6 0.7 0.2Exports 1.6 1.1–0.3 1.7 1.3Imports 1.5 0.2 0.6 2.5 0.4Gross domestic product (GDP) 0.7 0.5 0.2 0.4 0.6Memorandum item: GDP per person in employment 0.4 0.2–0.1–0.0 0.1GDP per hour worked by persons in employment 1 1.5–1.0 0.4 0.2 0.1Contributions to growth of price-adjusted GDP–gross domestic product in percentage pointsConsumption expenditure 0.7 0.3 0.3 0.1 0.2Final consumption expenditure of households and NPISHs 0.4 0.2 0.3 0.1 0.2Government final consumption expenditure 0.3 0.2 0.0 0.1 0.1Gross capital formation–0.1–0.3 0.3 0.5–0.1Gross fixed capital formation (GFCF) 0.3–0.3 0.0 0.1 0.3GFCF in machinery and equipment 0.1–0.2 0.0 0.0 0.1GFCF in construction 0.2–0.1 0.0 0.1 0.2GFCF in other products 0.0 0.0 0.0 0.0 0.0Changes in inventories, and so on–0.4 0.0 0.3 0.4–0.4Domestic uses 0.6 0.0 0.5 0.6 0.2Balance of exports and imports (net exports) 0.1 0.4–0.4–0.2 0.4Gross value added by economic sector 201620171st quarter2nd quarter3rd quarter4th quarter1st quarterAt current pricesEUR billionAgriculture, forestry and fishing 4.258 4.515 4.540 4.698 5.056Industry, excluding construction 177.319 184.755 181.131 179.108 184.425including:Manufacturing 154.710 164.439 160.924 157.240 161.693Construction 26.682 34.440 35.953 37.573 28.793Trade, transport, accommodation and food services 102.957 114.120 112.805 113.192 106.810Information and communication 34.284 33.379 35.285 33.988 35.131Financial and insurance activities 27.684 27.724 27.698 27.720 27.509Real estate activities 77.007 76.426 78.213 75.307 78.341Business services 78.239 76.450 82.274 79.457 81.259Public services, education, health 128.297 125.434 128.985 136.241 133.307Other services 28.119 27.716 29.274 28.943 29.210Gross value added, total 684.846 704.959 716.158 716.227 709.841Price-adjusted, chain-linkedChange on the previous year in %Agriculture, forestry and fishing 0.9 0.9–0.3 0.1–0.8Industry, excluding construction 0.9 4.0 0.7 0.1 3.8including:Manufacturing 1.2 4.6 0.9–0.1 4.1Construction 1.6 5.6 1.8–0.5 4.0Trade, transport, accommodation and food services 1.2 4.3 1.5 2.0 3.0Information and communication 2.4 3.4 3.1 2.2 3.7Financial and insurance activities 2.2 1.4 2.4 3.8 1.6Real estate activities 0.7 1.0 0.5 0.6 1.1Business services 1.7 3.8 2.2 2.0 3.8Public services, education, health 1.5 2.4 2.3 2.4 2.3Other services 0.2 2.2 1.6 1.7 2.6Gross value added, total 1.2 3.2 1.5 1.4 2.9Distribution of gross national income 201620171st quarter2nd quarter3rd quarter4th quarter1st quarterAt current pricesEUR billionGross national income 783.429 784.446 811.296 819.542 810.162Net national income (factor costs) 569.923 571.357 595.373 602.550 588.705Compensation of employees 373.552 390.246 393.919 440.663 388.733Property and entrepreneurial income 196.371 181.111 201.454 161.887 199.972Gross wages and salaries of employees 305.384 319.425 323.449 362.788 318.090Net wages and salaries of employees 202.351 207.512 218.778 240.098 210.496Memorandum item:Disposable income of households 447.631 452.569 453.848 459.868 464.295Savings ratio (in %) 13.0 9.4 8.1 8.4 13.3Change on the previous year in %Gross national income 3.4 4.8 2.6 2.2 3.4Net national income (factor costs) 3.3 5.3 2.6 2.3 3.3Compensation of employees 4.2 3.4 3.8 3.9 4.1Property and entrepreneurial income 1.6 9.8 0.4–1.6 1.8Gross wages and salaries of employees 4.5 3.5 3.9 4.0 4.2Net wages and salaries of employees 4.5 3.7 3.6 3.7 4.0Memorandum item:Disposable income of households 2.7 3.5 2.5 2.9 3.7National accounts data may be accessed via the Destatis website. More detailed results are published in Fachserie 18 “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. A detailed quality report on national accounts is available.

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