(BRIEF) Germany’s gross domestic product (GDP) for the third quarter of 2023 declined by 0. 1% after adjusting for prices and seasonal and calendar adjustments for the last quarter. This follows a slight uptick in economic functionality in the second quarter of 2023 and stagnation in the first quarter of the same year. Final household expenditure fell significantly, while positive contributions came from constant gross capital formation in machinery and equipment. On an annual basis, GDP fell by 0. 8% after adjusting for costs and by 0. 3%. after adjusting for costs and timing.
(PRESS RELEASE) WIESBADEN, October 31, 2023 — /EuropaWire/ — Gross domestic product (GDP) declined by 0. 1% in the third quarter of 2023 compared to the second quarter of 2023 after adjusting for price, seasonal, and calendar changes. In the second quarter of 2023, economic functionality increased (-0. 1%, revised), after stagnation in the first quarter of 2023 (revised). The Federal Statistical Office (Destatis) also reports that households’ final income expenditure, in particular, was lower On the other hand, positive contributions came from constant gross capital formation on machinery and equipment.
Gross product falls year after year
GDP in the third quarter of 2023 decreased by 0. 8% after adjusting for costs compared to the third quarter of 2022. The drop was smaller (-0. 3%) after adjusting for costs and timing, as there is one less running day than in the same era of the previous year.
Review of results
In addition to the calculation of the first insights for the third quarter of 2023, the Federal Statistical Office also revised, as usual, the previously published effects for the last quarters and included new statistical data in the calculations for the first and second quarters. quarters of 2023. This has resulted in adjustments of up to 0. 2 percentage points for the price-adjusted GDP data published so far. Detailed data from the recalculation is presented in the table comparing old and new figures at the end of this press release.
Methodological notes
Other comparative periods should be taken into account in all press releases on short-term indicators. Short-term economic monitoring focuses on comparisons of seasonally adjusted and calendar figures with those of the last month or quarter. economic trends. Annual comparisons allow for long-term degree comparisons and are hardly influenced by seasonal fluctuations. The effects of monthly, quarterly, and yearly comparisons would possibly differ specifically in the years of the Covid-19 crisis and due to the war in Ukraine. In addition, the existing effects on GDP are still subject to greater uncertainties than usual. This applies specifically to seasonally adjusted quarterly and calendar data.
Learn more
The detailed effects for the third quarter of 2023 will be communicated to the Federal Statistical Office on 24 November 2023.
In the statistical report “Volkswirtschaftliche Gesamtrechnungen” (in German only) there is a long time series containing the quarterly effects of gross domestic product since the first quarter of 1970.
GDP knowledge is also available on Dashboard Germany at (www. dashboard-deutschland. de) (German only). This knowledge portal of the Federal Statistical Office gathers up-to-date data from official statistics manufacturers and other knowledge providers on topics in economics, finance, fitness and mobility. The portal also includes the Economic Pulse Monitor (Pulsmesser Wirtschaft) tool (German only) for real-time economic monitoring.
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SOURCE: Destatis
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