GDP reading: The economy contracted 0.2% on a seasonally adjusted quarter-on-quarter basis in the first quarter, contrasting the fourth quarter’s...
Economic Growth in Germany
Surging exports while globalization was at its peak in the mid-2010s propelled strong economic growth in 2014-17. However, rising trade tensions, and supply restraints and soft global goods demand in the wake of the pandemic, have weighed on the economy in more recent years: Germany's economy is expected to have markedly underperformed the G7 average in 2021-23.
Germany recorded an average real GDP growth of 1.2% in the decade to 2022, below the 1.4% average for the Euro Area. In 2022, real GDP growth was 1.8%. For more GDP information, visit our dedicated page.
Germany GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Germany from 2024 to 2017.
Source: Macrobond.
Germany GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 1.0 | -4.1 | 3.7 | 1.4 | -0.3 |
| GDP (EUR bn) | 3,535 | 3,450 | 3,676 | 3,954 | 4,186 |
| Economic Growth (Nominal GDP, ann. var. %) | 3.0 | -2.4 | 6.6 | 7.5 | 5.9 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects German GDP projections for the next ten years from a panel of 59 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for German GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our German GDP projections.
Want to get access to the full dataset of German GDP forecasts? Send an email to info@focus-economics.com.
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