Detailed gross domestic product results for the 3rd quarter of 2017

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

Headline: Detailed gross domestic product results for the 3rd quarter of 2017

WIESBADEN – The German economic performance continues to increase substantially. As the Federal Statistical Office (Destatis) already reported in its first release of 14 November 2017, the gross domestic product (GDP) increased by 0.8% – upon price, seasonal and calendar adjustment – in the third quarter of 2017 compared with the previous quarter. In the first half of 2017, the GDP had also increased markedly, by 0.6% in the second quarter and 0.9% in the first 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:201620171stqtr2ndqtr3rdqtr4thqtr1stqtr2ndqtr3rdqtrin percent0.60.50.30.40.90.60.8Positive contributions of foreign trade and gross fixed capital formation in machinery and equipmentIn the third quarter of 2017, positive contributions came from foreign trade, after adjustment for price, seasonal and calendar variations. Based on provisional calculations, exports of goods and services increased by 1.7% compared with the second quarter of the year. Imports increased less markedly (+0.9%) than exports on the previous quarter. Arithmetically, the balance of exports and imports thus had a positive effect on the gross domestic product growth.

Final consumption expenditure of households (–0,1%) and of general government (–0,0%) remained rather stable at the level of the second quarter of 2017. Based on provisional calculations, capital formation (adjusted for price, seasonal and calendar variations) showed a positive development (+0.4%) compared with the previous quarter. While, compared with the second quarter of 2017, gross fixed capital formation was up especially in machinery and equipment (+1.5%), it fell slightly in construction (–0,4%).

Year-on-year acceleration of economic growthThe following information refers to the year-on-year comparison:Economic growth accelerated year on year, too. The price adjusted GDP rose 2.3% (calendar adjusted: 2.8%) in the third quarter of 2017, following increases of 1.0% in the second quarter (calendar adjusted: 2.3%) and 3.4% in the first quarter of 2017 (calendar adjusted: 2.1%).
Gross domestic product, price-adjusted, chain-linked (unadjusted figures)Changes on a year earlier:201620171stqtr2ndqtr3rdqtr4thqtr1stqtr2ndqtr3rdqtrin percent1.53.31.71.33.41.02.3Increased labour productivityThe economic performance in the third quarter of 2017 was achieved by 44.5 million persons in employment in the domestic territory, which was an increase of 668,000 or 1.5% on a year earlier.

Overall labour productivity (price-adjusted GDP per person in employment) was up 0.8% in the third quarter of 2017. When measured per hour worked by persons in employment, the increase was larger (+1.1%) because the average number of hours worked per person in employment was down 0.3% on the previous year. This is shown by first provisional calculations of the Institute for Employment Research of the Federal Employment Agency.

Year-on year comparison: domestic demand contributed mainly to growthIn the year-on-year comparison, positive contributions came mainly from domestic demand in the third quarter of 2017. Household final consumption expenditure rose a price-adjusted 2.1% on the previous year, while government final consumption expenditure was up 0.9%. Gross fixed capital formation in construction increased by 3.2%; especially capital formation in dwellings rose on the third quarter of 2016. Compared with a year earlier, gross fixed capital formation in machinery and equipment increased, too (+4.6%). Positive contributions to growth also came from foreign trade. Price-adjusted exports of goods and services were up 4.8%, which was less than the 5.5% increase in imports, according to provisional calculations. Arithmetically, the balance of exports and imports contributed 0.1 percentage points to GDP growth.

Gross value added higher in almost all economic sectorsThe price-adjusted gross value added in the third quarter of 2017 was higher than a year earlier in almost all economic sectors. The largest increase was recorded for information and communication (+3.6%), followed by manufacturing (+3.4%). Marked rises in economic performance were also recorded for trade, transport, accommodation and food services (+3.1%) and construction (+2.7%). Compared with the previous year, a slight decline was only observed in financial and insurance activities (–0.6%) The price-adjusted gross value added of all economic sectors in the third quarter of 2017 was up 2.5% on the same quarter of 2016.

Increase in both gross and net wages and salariesAt current prices, the gross domestic product increased by 4.3% and the gross national income by 4.6% year on year. Net national income at factor costs, consisting of compensation of employees and property and entrepreneurial income, increased too (+5.1%), according to first provisional calculations. Gross wages and salaries of employees were up 4.6% and net wages and salaries 4.4% on a year earlier. The disposable income of households rose by 4.2%, while the final consumption expenditure of households increased by 3.9%. This resulted in a provisional savings ratio of households of 8.3% in the third quarter of 2017, which is 0.1 percentage points more than a year earlier.

Results reviewed for the first and second quarters of 2017In addition to calculating first data for the third quarter of 2017, the Federal Statistical Office reviewed and revised, where necessary, the results published previously for the first and second quarters of 2017. Regarding the gross domestic product in the first and second quarters of 2017, the previous results were slightly revised upwards. More significant corrections were required for some 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 quarter in %. 3 As for years, the calendar-adjusted values equal the seasonally and calendar-adjusted values (except for differences due to rounding).qtr = quarter20153,043.65 3.8108.56 1.7108.47 1.5 1.52016 3,144.05 3.3110.67 1.9110.48 1.9 1.920151stqtr741.91 3.3107.30 1.3107.82 0.1 1.22nd qtr749.15 3.9107.24 1.8108.30 0.4 1.83rdqtr774.48 3.8110.75 1.8108.65 0.3 1.74thqtr778.11 4.2108.96 2.1109.11 0.4 1.320161stqtr765.20 3.1108.88 1.5109.80 0.6 1.92nd qtr784.05 4.7110.75 3.3110.31 0.5 1.93rdqtr797.12 2.9112.65 1.7110.68 0.3 1.84thqtr797.68 2.5110.39 1.3111.14 0.4 1.820171stqtr798.08 4.3112.55 3.4112.13 0.9 2.12nd qtr804.39 2.6111.86 1.0112.84 0.6 2.33rdqtr831.05 4.3115.27 2.3113.77 0.8 2.8
Use of the gross domestic productUnadjusted figures  20162017Year3rd qtr4thqtr1stqtr2ndqtr3rdqtrqtr = quarterAt current pricesEUR bnConsumption expenditure2,289.840 574.544597.942 569.838 590.701 596.016Final consumption expenditure of households and NPISHs1,674.394 424.123 432.455 415.110 435.423 440.550Government final consumption expenditure 615.446 150.421 165.487 154.728 155.278 155.466Gross capital formation 603.591 166.379 140.866 164.232 150.182 177.553Gross fixed capital formation (GFCF) 630.034 161.471 163.577 152.250 168.555 170.631GFCF in machinery and equipment 205.837 49.265 57.565 48.923 52.794 51.628GFCF in construction 304.500 82.172 74.833 72.904 84.858 87.572GFCF in other products 119.697 30.034 31.179 30.423 30.903 31.431Domestic uses2,893.431 740.923 738.808 734.070 740.883 773.569Exports1,450.012 359.774 372.278 378.932 382.271 382.786Imports1,199.393 303.577 313.406 314.922 318.764 325.305Gross domestic product (GDP)3,144.050 797.120 797.680 798.080 804.390 831.050Price-adjusted, chain-linkedChange on the previous year in %Consumption expenditure 2.5 2.1 2.0 2.1 1.9 1.8Final consumption expenditure of households and NPISHs 2.1 1.7 1.7 2.3 2.2 2.1Government final consumption expenditure 3.7 3.4 3.0 1.7 1.1 0.9Gross capital formation 2.1 3.3 1.7 3.6 4.0 4.5Gross fixed capital formation (GFCF) 3.1 2.7–0.4 4.9 2.1 3.6GFCF in machinery and equipment 2.2 1.4–2.6 3.5 1.5 4.6GFCF in construction 2.7 2.1 0.4 6.4 2.0 3.2GFCF in other products 5.5 6.1 2.6 3.9 3.4 3.2Domestic uses 2.4 2.4 1.9 2.5 2.3 2.4Exports 2.6 1.3 2.6 7.0 1.4 4.8Imports 3.9 2.8 4.3 5.4 4.5 5.5Gross domestic product (GDP) 1.9 1.7 1.3 3.4 1.0 2.3memorandum item:GDP per person in employment 0.6 0.4–0.0 1.8–0.5 0.8GDP per hour worked by persons in employment 1.3 1.1 1.5 0.0 1.4 1.1Contributions to growth of price-adjusted GDP in percentage pointsConsumption expenditure 1.8 1.5 1.5 1.5 1.4 1.3Final consumption expenditure of households and NPISHs 1.1 0.9 0.9 1.2 1.2 1.1Government final consumption expenditure 0.7 0.6 0.6 0.3 0.2 0.2Gross capital formation 0.4 0.7 0.3 0.7 0.7 0.9Gross fixed capital formation (GFCF) 0.6 0.5–0.1 0.9 0.4 0.7GFCF in machinery and equipment 0.1 0.1–0.2 0.2 0.1 0.3GFCF in construction 0.3 0.2 0.0 0.6 0.2 0.3GFCF in other products 0.2 0.2 0.1 0.2 0.1 0.1Changes in inventories and so on–0.2 0.2 0.4–0.2 0.3 0.2Domestic uses 2.2 2.2 1.8 2.3 2.1 2.3Balance of exports and imports (net exports)–0.3–0.5–0.5 1.1–1.1 0.1
 Use of the gross domestic productSeasonally and calendar-adjusted figures according to Census X-12-ARIMA  201620173rdqtr4thqtr1stqtr2ndqtr3rdqtr 1 Only seasonally adjusted.qtr = quarterAt current pricesEUR bnConsumption expenditure 572.851 579.320 587.260 593.104 594.880Final consumption expenditure of households and NPISHs 418.602 423.529 429.789 434.634 435.407Government final consumption expenditure 154.249 155.791 157.471 158.470 159.473Gross capital formation 151.738 154.889 153.198 160.602 164.456Gross fixed capital formation (GFCF) 157.022 157.747 162.930 166.264 167.681GFCF in machinery and equipment 51.325 50.780 51.864 53.628 54.471GFCF in construction 75.493 76.746 80.202 81.386 81.616GFCF in other products 30.204 30.221 30.864 31.250 31.594Domestic uses 724.589 734.209 740.458 753.706 759.336Exports 360.190 367.356 377.092 382.024 387.046Imports 298.337 308.668 316.612 323.078 322.499Gross domestic product (GDP) 786.442 792.897 800.938 812.652 823.883Price-adjusted, chain-linkedChange on the previous quarter in %Consumption expenditure 0.3 0.6 0.7 0.7–0.1Final consumption expenditure of households and NPISHs 0.4 0.6 0.8 0.9–0.1Government final consumption expenditure 0.2 0.5 0.2 0.2–0.0Gross capital formation 2.6 1.8–1.2 2.8 2.4Gross fixed capital formation (GFCF) 0.5–0.0 2.9 1.5 0.4GFCF in machinery and equipment 0.7–1.3 2.3 3.3 1.5GFCF in construction 0.2 1.0 3.5 0.5–0.4GFCF in other products 0.9–0.4 2.0 0.9 0.6Domestic uses 0.8 0.8 0.3 1.2 0.4Exports–0.2 1.3 1.7 1.0 1.7Imports 0.7 2.5 0.4 2.4 0.9Gross domestic product (GDP) 0.3 0.4 0.9 0.6 0.8memorandum item:GDP per person in employment  0.0 0.0 0.4 0.3 0.5GDP per hour worked by persons in employment 1 0.6 0.2–0.0 0.6 0.3Contributions to growth of price-adjusted GDP in percentage pointsConsumption expenditure 0.2 0.4 0.5 0.5–0.1Final consumption expenditure of households and NPISHs 0.2 0.3 0.5 0.5–0.1Government final consumption expenditure 0.0 0.1 0.1 0.0 0.0Gross capital formation 0.5 0.3–0.2 0.5 0.5Gross fixed capital formation (GFCF) 0.1 0.0 0.6 0.3 0.1GFCF in machinery and equipment 0.1–0.1 0.2 0.2 0.1GFCF in construction 0.0 0.1 0.3 0.1 0.0GFCF in other products 0.0 0.0 0.1 0.0 0.0Changes in inventories and so on 0.4 0.3–0.8 0.2 0.4Domestic uses 0.7 0.8 0.3 1.1 0.4Balance of exports and imports (net exports)–0.4–0.4 0.6–0.4 0.4
Gross value added by economic sector 20162017Year3rdqtr4thqtr1st qtr2ndqtr3rdqtrqtr = quarterAt current pricesEUR bnAgriculture, forestry and fishing 17.392 4.392 4.556 4.939 5.496 5.673Industry, excluding construction 728.603 182.978 180.238 186.931 187.916 190.771including:Manufacturing 648.788 164.007 159.768 165.711 168.515 171.896Construction 134.940 36.017 37.653 29.575 36.463 39.161Trade, transport, accommodation and food services 454.045 115.640 116.265 111.133 120.088 121.462Information and communication 134.257 34.668 33.474 34.683 33.393 35.717Financial and insurance activities 111.469 27.899 27.867 27.711 27.859 27.782Real estate activities 308.912 78.797 75.496 79.142 78.846 81.522Business services 312.608 81.340 78.181 80.324 77.188 84.766Public services, education, health 514.582 127.775 135.057 132.649 129.525 133.603Other services 115.134 29.620 29.065 29.389 28.630 30.551Gross value added, total2,831.942 719.126 717.852 716.476 725.404 751.008Price-adjusted, chain-linkedChange on the previous year in %Agriculture, forestry and fishing–0.6–1.3–1.0–1.7–2.8 0.8Industry, excluding construction 1.9 1.2 0.6 4.5–0.4 2.8including:Manufacturing 2.1 1.4 0.6 4.9–0.5 3.4Construction 1.9 1.7– 0.4 6.4 0.6 2.7Trade, transport, accommodation and food services 2.4 1.6 2.5 4.3 1.6 3.1Information and communication 2.7 3.5 1.6 4.5 3.8 3.6Financial and insurance activities 3.0 4.1 2.3 0.6–0.5–0.6Real estate activities 0.6 0.4 0.5 1.7 0.8 1.8Business services 1.8 1.7 1.5 3.9 0.9 2.7Public services, education,health 2.2 2.3 2.4 2.5 1.8 2.1Other services 0.9 1.2 1.0 2.5 0.0 1.1Gross value added, total 1.9 1.7 1.4 3.5 0.8 2.5
Distribution of gross national income 20162017Year3rdqtr4thqtr1stqtr2ndqtr3rdqtrqtr = quarterAt current pricesEUR bnGross national income3,197.192 810.553 819.301 814.097 808.146 847.560Net national income (factor costs)2,337.981 594.605 602.438 593.065 587.532 624.819Compensation of employees1,600.314 394.180 441.381 390.246 408.075 411.669Property and entrepreneurial income 737.667 200.425 161.057 202.819 179.457 213.150Gross wages and salaries of employees1,311.457 323.346 363.107 319.345 333.902 338.197Net wages and salaries of employees 869.084 218.630 240.441 211.733 215.955 228.354memorandum item:Disposable income of households1,804.975 449.606 459.753 465.569 467.841 468.339Savings ratio (in %) 9.7 8.2 8.5 13.1 9.3 8.3Change on the previous year in %Gross national income 3.1 2.4 2.5 4.1 2.9 4.6Net national income (factor costs) 3.2 2.3 2.5 4.2 2.7 5.1Compensation of employees 3.8 3.7 3.9 4.3 4.4 4.4Property and entrepreneurial income 2.1–0.2–1.2 4.0–1.0 6.3Gross wages and salaries of employees 4.0 3.9 4.1 4.5 4.5 4.6Net wages and salaries of employees 3.9 3.6 3.8 4.6 4.0 4.4memorandum item:Disposable income of households 2.9 2.3 3.1 4.6 3.8 4.2National 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.  

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