Detailed gross domestic product results for the 2nd quarter of 2017

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

Headline: Detailed gross domestic product results for the 2nd quarter of 2017

WIESBADEN – The German economy continues to grow. As the Federal Statistical Office (Destatis) already reported in its first release 277/17 of 15 August 2017, the gross domestic product (GDP) increased by 0.6% (after price, seasonal and calendar adjustment) in the second quarter of 2017 compared with the previous quarter. Most recent calculations show that GDP growth in the first quarter of 2017 had been slightly larger (0.7%).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):2015201620171stqtr2ndqtr3rdqtr4thqtr1stqtr2ndqtr3rdqtr4thqtr1stqtr2ndqtr0.10.40.30.40.60.50.30.40.70.6The quarter-on-quarter comparison following price, seasonal and calendar adjustment shows that, on the use side of the gross domestic product, positive contributions came from domestic demand. The final consumption expenditure of households rose considerably by 0.8% and government final consumption expenditure increased by 0.6% on the previous quarter. Capital formation, too, was again higher. Fixed capital formation in machinery and equipment increased by 1.2% and in construction by 0.9% on the first quarter of 2017. Overall, domestic uses increased markedly by one percent compared with the first three months of the year.

As regards foreign demand, there were mixed signals. According to provisional calculations, exports of goods and services were up 0.7% compared with the first quarter of 2017. However, imports increased more substantially (+1.7%) in the same period. Arithmetically, the balance of exports and imports thus had a downward effect of –0.3 percentage points on GDP growth.

The following information refers to the year-on-year comparison:Compared with a year earlier, the price-adjusted GDP rose 0.8% in the second quarter of 2017 (first quarter of 2017: +3.2%). However, the calendar effect in the first two quarters of 2017 was above average as, compared with a year earlier, there were three working days more in the first quarter and three working days less in the second quarter because, among other things, Easter was late this year. When calendar-adjusted, GDP growth in the second quarter of 2017 was 2.1% (following 2.0% in the first quarter of 2017).
Gross domestic product, price-adjusted, chain-linked (unadjusted figures)Changes on a year earlier (in percent):2015201620171stqtr2ndqtr3rdqtr4thqtr1stqtr2ndqtr3rdqtr4thqtr1stqtr2ndqtr1.31.81.82.11.53.31.71.33.20.8The economic performance in the second quarter of 2017 was achieved by 44.2 million persons in employment in the domestic territory, which was an increase of 664,000 or 1.5% on a year earlier (see press release 282/17 of 17 August 2017).

Overall labour productivity (measured as the price-adjusted gross domestic product per person in employment) declined by 0.7% on the previous year. Measured per hour worked by persons in employment, however, labour productivity rose by 1.2%, according to provisional calculations. The reason was that, on the whole, the persons in employment worked less hours in the second quarter of 2017 compared with a year earlier.

The year-on-year comparison, too, shows that positive contributions to growth came mainly from domestic demand in the second quarter of 2017. Household final consumption expenditure rose by a price-adjusted 1.6%, while government final consumption expenditure was up 1.5%. Capital formation showed heterogeneous year-on-year trends. While gross fixed capital formation in machinery and equipment fell a price adjusted 0.7% on the second quarter of 2016, it was up 2.9% in construction. Arithmetically, the balance of exports and imports slowed down economic growth (–1.0 percentage points). Although exports of goods and services increased a price-adjusted 1.0% on a year earlier, the increase in imports was markedly larger (+3.8%) in the same period.

On the production side of the gross domestic product, the total price-adjusted gross value added was up 0.6% on the second quarter of 2016. The highest growth rates were recorded for information and communication services (+3.7%), construction (+1.5%) and public services, education, health (+1.1%). In manufacturing, however, economic performance declined by 0.5% on a year earlier. A negative change rate was also recorded for financial and insurance activities (–0.4%).

At current prices, the gross domestic product increased by 2.3% and the gross national income by 2.7% in the second quarter of 2017 compared with the second quarter of 2016. Net national income at factor costs as a whole rose by 2.4%. According to first provisional calculations, property and entrepreneurial income declined by 1.6%, whereas compensation of employees increased considerably (+4.2%). Gross wages and salaries of employees rose by 4.3% and net wages and salaries by 3.7% on the second quarter of 2016. On average, wages and salaries per employee did not rise that much (+2.5% in both gross and net terms) because the number of employees was up as well (+1.7%) compared with the same quarter a year earlier. The disposable income of households increased to the same extent as household final consumption expenditure at current prices (+3.2% each).

As every year in August, the Federal Statistical Office also reviewed and revised where necessary the results published previously for the last four years (from 2013) and for the first quarter of 2017 in the context of the first calculation of data for the second quarter of 2017. As reported in the first release of 15 August 2017, the current recalculation resulted in price-adjusted change rates of the annual and quarterly GDP that differ from the data published previously by up to 0.4 percentage points. Markedly larger corrections were required for some individual GDP components. Especially the GDP change rates for the quarters and the year of 2014 were mainly revised upwards. As is usual for seasonally and calendar adjusted series, modified results may also appear in the whole time series from 1991 onwards.

National 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 from National accounts. A detailed quality report on national accounts is available at the internet.  
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 quarter in %. 3 As for years, the calendar-adjusted values equal the seasonally and calendar-adjusted values (except for differences due to rounding).qtr = quarter20132,826.242.5104.680.5104.840.60.620142,932.473.8106.701.9106.861.91.920153,043.653.8108.561.7108.471.51.520163,144.053.3110.671.9110.481.91.920131stqtr685.460.4102.87–1.5103.78–0.2–0.32nd qtr698.333.0104.040.9104.700.90.53rdqtr723.163.1107.191.2105.230.50.74thqtr719.293.3104.601.4105.660.41.520141stqtr718.514.8105.933.0106.590.92.82nd qtr720.823.2105.361.3106.41–0.21.73rdqtr746.313.2108.771.5106.750.31.44thqtr746.833.8106.732.0107.700.91.920151stqtr741.913.3107.301.3107.820.11.22nd qtr749.153.9107.241.8108.300.41.83rdqtr774.483.8110.751.8108.650.31.74thqtr778.114.2108.962.1109.110.41.320161stqtr765.203.1108.881.5109.800.61.92nd qtr784.054.7110.753.3110.310.51.93rdqtr797.122.9112.651.7110.680.31.84thqtr797.682.5110.391.3111.140.41.820171stqtr796.564.1112.353.2111.930.72.02nd qtr802.392.3111.640.8112.620.62.1
Use of the gross domestic productUnadjusted figures  201320142015201620171stqtr2ndqtrqtr = quarterAt current pricesEUR bnConsumption expenditure2,106.3532,157.1212,217.5322,289.840567.828588.721Final consumption expenditure of households and NPISHs1,563.5001,593.1861,630.4691,674.394413.319432.841Government final consumption expenditure542.853563.935587.063615.446154.509155.880Gross capital formation551.462572.336582.812603.591164.837149.475Gross fixed capital formation (GFCF)556.752586.555604.285630.034152.103167.643GFCF in machinery and equipment180.047191.699200.778205.83748.86051.629GFCF in construction277.164289.717290.981304.50072.82085.111GFCF in other products99.541105.139112.526119.69730.42330.903Domestic uses2,657.8152,729.4572,800.3442,893.431732.665738.196Exports1,283.0531,340.2651,426.7061,450.012378.821380.820Imports1,114.6281,137.2521,183.4001,199.393314.926316.626Gross domestic product (GDP)2,826.2402,932.4703,043.6503,144.050796.560802.390Price-adjusted, chain-linkedChange on the previous year in %Consumption expenditure0.81.12.02.51.81.6Final consumption expenditure of households and NPISHs0.61.01.72.11.81.6Government final consumption expenditure1.41.52.93.71.61.5Gross capital formation1.52.10.22.14.03.7Gross fixed capital formation (GFCF)–1.33.71.53.14.81.5GFCF in machinery and equipment–2.35.93.92.23.3–0.7GFCF in construction–1.12.3–1.42.76.22.3GFCF in other products0.54.05.55.53.93.4Domestic uses0.91.31.62.42.32.0Exports1.74.65.22.66.91.0Imports3.03.65.63.95.43.8Gross domestic product (GDP)0.51.91.71.93.20.8memorandum item:GDP per person in employment–0.11.10.80.61.6–0.7GDP per hour worked by persons in employment0.80.80.71.3–0.01.2Contributions to growth of price-adjusted GDP in percentage pointsConsumption expenditure0.60.81.51.81.31.2Final consumption expenditure of households and NPISHs0.30.50.91.11.00.9Government final consumption expenditure0.30.30.60.70.30.3Gross capital formation0.30.40.10.40.80.7Gross fixed capital formation (GFCF)–0.30.70.30.60.90.3GFCF in machinery and equipment–0.20.40.30.10.2–0.1GFCF in construction–0.10.2–0.10.30.50.2GFCF in other products0.00.10.20.20.20.1Changes in inventories and so on0.5–0.3–0.3–0.2–0.10.3Domestic uses0.91.21.52.22.11.8Balance of exports and imports (net exports)–0.40.70.2–0.31.1–1.0
 Use of the gross domestic productSeasonally and calendar-adjusted figures according to Census X-12-ARIMA  201620171stqtr2ndqtr3rdqtr4thqtr1stqtr2ndqtr 1 Only seasonally adjusted.qtr = quarterAt current pricesEUR bnConsumption expenditure565.599569.403572.851579.320585.170591.144Final consumption expenditure of households and NPISHs413.612415.984418.602423.529427.919432.056Government final consumption expenditure151.987153.419154.249155.791157.251159.088Gross capital formation149.688147.204151.738154.889153.876159.858Gross fixed capital formation (GFCF)157.089155.651157.022157.747162.781165.335GFCF in machinery and equipment51.78250.86551.32550.78051.79952.446GFCF in construction75.86574.95675.49376.74680.11881.639GFCF in other products29.44229.83030.20430.22130.86431.250Domestic uses715.287716.607724.589734.209739.046751.002Exports356.426360.142360.190367.356376.980380.546Imports294.616294.413298.337308.668316.618320.902Gross domestic product (GDP)777.097782.336786.442792.897799.408810.646Price-adjusted, chain-linkedChange on the previous quarter in %Consumption expenditure0.80.30.30.60.30.8Final consumption expenditure of households and NPISHs0.60.20.40.60.40.8Government final consumption expenditure1.50.70.20.50.20.6Gross capital formation1.1–2.22.61.8–0.82.0Gross fixed capital formation (GFCF)1.2–1.20.5–0.02.71.0GFCF in machinery and equipment0.4–1.80.7–1.32.11.2GFCF in construction2.0–1.80.21.03.40.9GFCF in other products1.01.30.9–0.42.00.9Domestic uses0.9–0.20.80.80.11.0Exports1.01.3–0.21.31.60.7Imports1.7–0.20.72.50.41.7Gross domestic product (GDP)0.60.50.30.40.70.6memorandum item:GDP per person in employment 0.30.20.00.00.20.3GDP per hour worked by persons in employment 11.5–0.80.60.2–0.10.5Contributions to growth of price-adjusted GDP in percentage pointsConsumption expenditure0.60.20.20.40.20.6Final consumption expenditure of households and NPISHs0.30.10.20.30.20.4Government final consumption expenditure0.30.10.00.10.00.1Gross capital formation0.2–0.40.50.3–0.20.4Gross fixed capital formation (GFCF)0.3–0.20.10.00.60.2GFCF in machinery and equipment0.0–0.10.1–0.10.10.1GFCF in construction0.2–0.20.00.10.30.1GFCF in other products0.00.10.00.00.10.0Changes in inventories and so on0.0–0.20.40.3–0.70.2Domestic uses0.8–0.20.70.80.11.0Balance of exports and imports (net exports)–0.20.7–0.4–0.40.6–0.3
Gross value added by economic sector 201320142015201620171stqtr2ndqtrqtr = quarterAt current pricesEUR bnAgriculture, forestry and fishing24.84020.22616.89917.3924.9505.460Industry, excluding construction652.498684.476711.692728.603186.666187.945including:Manufacturing570.445603.863631.954648.788165.477168.541Construction113.037119.089124.889134.94029.52936.766Trade, transport, accommodation and food services395.406418.615440.517454.045110.615119.299Information and communication119.927124.873129.065134.25734.61933.241Financial and insurance activities108.461109.353111.524111.46927.71127.867Real estate activities289.902290.582299.492308.91278.93678.723Business services275.906289.012301.304312.60880.15277.116Public services, education, health458.440476.344493.369514.582132.423128.613Other services104.239107.246111.475115.13429.35728.586Gross value added, total2,542.6562,639.8162,740.2262,831.942714.958723.616Price-adjusted, chain-linkedChange on the previous year in %Agriculture, forestry and fishing5.2–12.015.8–0.6–1.5–2.9Industry, excluding construction–0.45.32.21.94.4–0.3including:Manufacturing0.05.81.92.14.8–0.5Construction–2.52.80.01.96.21.5Trade, transport, accommodation and food services–0.91.70.72.43.81.0Information and communication3.34.72.62.74.33.7Financial and insurance activities9.1–4.9–0.73.00.6–0.4Real estate activities2.8–1.20.20.61.20.6Business services0.12.41.91.83.70.8Public services, education,health–0.00.72.22.22.41.1Other services–0.6–0.30.70.92.3–0.1Gross value added, total0.51.91.51.93.30.6
Distribution of gross national income 201320142015201620171stqtr2ndqtrqtr = quarterAt current pricesEUR bnGross national income2,890.1372,990.3753,099.7853,197.192812.573805.807Net national income (factor costs)2,103.9612,181.2552,264.9112,337.981591.461585.518Compensation of employees1,429.9171,485.0971,542.2841,600.314390.151407.221Property and entrepreneurial income674.044696.158722.627737.667201.310178.297Gross wages and salaries of employees1,167.3931,212.7051,260.7611,311.457319.224333.261Net wages and salaries of employees778.252806.867836.610869.084211.618215.346memorandum item:Disposable income of households1,669.7211,709.7831,753.6651,804.975463.762465.102Savings ratio (in %)8.99.59.69.713.19.4Change on the previous year in %Gross national income2.43.53.73.13.92.7Net national income (factor costs)2.43.73.83.23.92.4Compensation of employees2.83.93.93.84.34.2Property and entrepreneurial income1.63.33.82.13.3– 1.6Gross wages and salaries of employees3.03.94.04.04.54.3Net wages and salaries of employees2.83.73.73.94.53.7memorandum item:Disposable income of households1.32.42.62.94.23.2>>> brief methodological description

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