Quarterly Report Germany IV/2019

QIV-2019 QUARTERLY REPORT GERMANY

Mini growth in the third quarter of 2019 No more technical recession this year

▪

Economic output in Germany rises slightly in third quarter 2019. The feared technical recession has not set in. GDP increased by 0.1 percent over the previous quarter following price, calendar and seasonal adjustment. The second quarter 2019 result was downwardly revised to negative 0.2 percent.

▪

The German economy is suffering primarily from weak industrial activity. Value added in this sector registered its fifth consecutive drop compared to the previous quarter. This weak growth is now spreading to other sectors.

▪

For the current year we expect real economic output to increase by one-half percent in real terms over 2018. Due to the similar number of workdays as in the previous year, there are no calendars effects for 2019.

Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

Content The German economy......................................................................................................................... 3 No „technical recession“ ........................................................................................................................ 3 Labour market: employment levels still rising despite low economic activity ........................................ 6 Industry ................................................................................................................................................ 7 Incoming orders for industry still weak .................................................................................................. 7 Industrial production: construction only sector to expand production ................................................... 8 Outlook ............................................................................................................................................... 11 Imprint ................................................................................................................................................ 13 Basic data for national account ....................................................................................................... 14

2

Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

The German economy No „technical recession“ The technical recession indicated in the second quarter for Germany has not set in. Contrary to expectations, gross domestic product (GDP) even recorded a rise of 0.1 percent in the third quarter 2019 over the previous quarter following price, calendar and seasonal adjustment. On the negative side, the Federal Statistical Office downwardly revised the growth rate in the second quarter 2019 to minus 0.2 percent. Year on year, real GDP increased following calendar adjustment by 0.5 percent after growing 0.3 percent in the second quarter. The economic output was generated by a workforce of 45.7 million according to preliminary data. That is 356,000 people or 0.8 percent more than one year ago.

Growth in real GDP in percent 4

3

2.5 2.2

2

1.5 0.5 (forecast)

1

0

-1 I

II

III

IV

I

2016 change over previous year quarter

II

III 2017

IV

I

II

III 2018

change over previous quarter

IV

I

II

III

IV

2019 change over previous year

Source: Federal Statistical Office

On the output side of GDP, gross value added increased in almost all sectors of the economy. The construction sector recorded the highest growth, increasing gross value added by 5.3 percent. The information and communication sector and retail, transport and hospitality also recorded strong growth, rising by 3.2 percent in both cases. The workforce in information and communication grew by a comparable percentage. Both in business services and other services, growth in gross value creation remained under one percent. Financial services saw the number of workers decline for the tenth year in a row despite a three percent rise in gross value added. Gross value added in manufacturing, meanwhile, declined for the fourth time in a row, going down by 2.6 percent. Despite this, the workforce again increased slightly in the third quarter 2019, nudging up by 0.3 percent or 25,000 people.

On the expenditure side of GDP, domestic components presented a mixed picture. The consumption expenditure of private households saw its strongest year-on-year increase since 2016, expanding

3

Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

by 2.1 percent. Private households spent substantially more money on furniture and household goods, transport and communication services. State consumption expenditure was even more buoyant, increasing by 2.3 percent. All in all, consumption expenditure increased by 2.1 percent compared to the previous year.

Gross fixed capital formation increased substantially compared to the same quarter the previous year, going up by 3.1 percent. The main factor driving up gross fixed capital formation was investment in construction (up 4.5 percent). Investment in other assets was somewhat more muted with an increase of 2.6 percent. The low level of economic activity impacted clearly on investment in machinery and equipment, which rose by 0.8 percent year on year. There were also extensive changes in inventories. As a countereffect to the rise in inventories triggered by the conversion to WLTP last year, inventories now went down 1.6 percentage points. All in all, domestic expenditure only contributed 0.7 percentage points to growth.

For the first time in four quarters, net exports contributed to growth. Exports increased by 2.5 percent, the strongest growth seen since spring 2018. At the same time, there was only a two-percent rise in imports compared to the previous year. This was the same result as in the second quarter and a good deal lower than in the previous three years. Net exports thus contributed 0.3 percentage points to growth overall.

Slight increase in exports, imports barely budge In the third quarter 2019, exports of goods and services increased by a total of 5.4 billion euros or 1.7 percent (country-specific seasonally adjusted data not available). Exports to third countries accounted for a large proportion of this growth. The strongest growth in nominal terms was seen in exports to the United States, which increased by 2.18 billion euros or 7.6 percent. Exports to Switzerland increased by just under one billion euros or 7.3 percent. Two-digit growth was recorded in exports to Turkey (up 12.1 percent or 516 million euros) and to Canada (up 11.7 percent or 294 million euros). Exports to the Netherlands increased by 1.05 billion euros, and to France and Belgium by around 800 million euros each. Exports to Ireland halved (going down 1.98 billion euros in absolute terms), probably due to the delayed Brexit. Exports to India decreased by one quarter (down 850 million euros) while exports to Iran and the United Kingdom sank by around 250 million euros in both cases.

In the third quarter 2019, German imports dropped slightly compared to the previous year, going down by 1.77 billion euros or 0.6 percent. The strongest decrease in nominal terms was in imports from Russia, which dropped by just under two billion euros or 21.9 percent. Imported goods and services were also down substantially in several euro member states, namely Belgium (down 1.80 billion euros or 14.8 percent), Italy (down 1.39 billion euros or 9.1 percent) and Finland (down 483 million euros or 19.1 percent). A sharp increase was seen in the volume of goods and services imported from the United States (up 1.61 billion euros or ten percent) and the United Kingdom (up 1.09 billion euros or 12.9 percent). Imports from Hungary, the Czech Republic and Slovakia went by 1.80 billion euros or 8.1 percent overall.

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Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

German exports and imports in Q3 2019 in selected countries Year-on-year change increase (+) or decrease (-) in exports in million euros

increase (+) or decrease (-) in imports

in %

in million euros

USA

30 947

+ 2 178

+

7.6

USA

Netherlands

22 941

+ 1 049

+

4.8

Switzerland

14 301

+

967

+

France

25 892

+

790

Belgium

11 300

+

Poland

16 686

TĂźrkey

in %

17 855

+ 1 621

+ 10.0

Great Britain

9 564

+ 1 090

+ 12.9

7.3

Hungary

7 238

+

854

+ 13.4

+

3.1

China

28 154

+

640

+

785

+

7.5

Slovakia

4 765

+

631

+ 15.3

+

569

+

3.5

South Africa

2 568

+

482

+ 23.1

4 778

+

516

+

12.1

Libya

1 014

+

386

+ 61.5

Hungary

6 828

+

458

+

7.2

11 625

+

316

+

2.8

Russia

6 948

+

381

+

5.8

Canada

2 812

+

294

+

11.7

2 683

-

364

-

12.0

11 216

-

477

-

4.1

Finland

2 050

-

483

-

19.1

2 946

-

751

-

20.3

Czech Republic

Norway Switzerland

Great Britain

2.3

19 379

-

245

-

1.2

434

-

272

-

38.5

Denmark

57

-

447

-

88.7

Italy

13 854

- 1 388

-

9.1

India

2 733

-

850

-

23.7

Belgium

10 339

- 1 797

-

14.8

Ireland

1 839

- 1 894

-

50.7

Russia

7 004

- 1 961

-

21.9

330 925

+ 5 441

+

1.7

271 240

- 1 774

-

0.6

Iran Cayman Islands

Total

Total

Sources: Federal Statistical Office, own calculations

The latest figures show a year on year increase in exports for October 2019 of 1.9 percent, while imports dropped 0.6 percent. In the first ten months of the current year a total of one percent more goods were exported than during the same period last year. Exports within the euro area slightly outperformed exports to EU member states outside of the euro area (down 0.2 percent). Exports to third countries picked up pace considerably, increasing by 2.3 percent.

In the first ten months of the current year, imports increased by a total of 1.7 percent. Imports from EU countries increased by 1.8 percent compared to the same period last year. Imports from countries outside of the euro area only increased marginally more (up 1.9 percent) than those from the euro area (up 1.8 percent). Imported goods and services to Germany from third countries only increased by 1.5 percent within the same period.

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Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

Labour market: employment levels still rising despite low economic activity According to preliminary data from the German Federal Statistical Office, the number of people in employment in October 2019 increased to 45.57 million. This corresponds to 317,000 more people in work, or 0.7 percent more, than one year ago. The number of people in jobs subject to social security contributions also continued its upward trend. According to the projections of the German Federal Employment Agency for September 2019 (latest available figure), the number of people in such employment was 33.96 million. That is 540,000 people or 1.6 percent more than one year ago.

The strongest growth in jobs subject to social security contributions in absolute terms was in real estate, freelance technical services, with an increase of 3.3 percent or 83,700 jobs. The sector of information and communications proved to be the most dynamic compared to the previous year. The workforce in this sector has been growing steadily at over four percent since the end of 2016 and this time around saw an increase of 5.7 percent or 63,000 jobs. Above-average growth in jobs was also recorded in nursing and social professions, in homes, in healthcare and in education. Employment in construction went up by just under 50,000 persons or 2.6 percent. The manufacturing workforce grew by a marginal 0.4 percent. The sectors most sensitive to the economy, business services and temporary employment agency work, registered a massive decrease in jobs of 88,000 or 10.5 percent.

German labour market* 34

4 Unemployed persons (right axis)

33

3 32 31

2 Employed persons covered by social security (left axis)

30

1 29 28 2012

2013

2014

2015

2016

2017

2018

2 2019

0

Difference in the number of workers making social security contributions from the same month last year (right axis)

*seasonally adjusted in million Source: Federal Employment Agency

The number of self-employed including contributing family members went down by 71,000 or 1.7 percent to 4.15 million in the third quarter of 2019. The number of people exclusively in marginal employment also dropped, going down by 90,000 or two percent to 4.53 million in September according to preliminary figures from the Federal Employment Agency.

In November 2019 the Federal Employment Agency (BA) registered 2.18 million unemployed individuals. This corresponds to a decrease year on year of 6,000 or 0.3 percent. The unemployment rate as calculated by the Federal Employment Agency in November was at five percent, or 3.1 percent according to the ILO definition.

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Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

Industry Incoming orders for industry still weak In the third quarter 2019, incoming orders for industry decreased by one percent compared to the previous quarter after seasonal and calendar adjustment, following a drop of 0.9 percent in the second and 4.1 percent in the first quarter. Compared to the previous year, incoming orders were down by 5.6 percent. This makes it the fifth drop in a row. Domestic demand has been on a deep downward trend since the beginning of 2018. In the third quarter 2019, domestic orders dropped 7.2 percent, their steepest year on year drop since spring 2012. The downturn in foreign demand set in slightly later, in early 2019, but has been even more pronounced. In the third quarter, orders from abroad were down 4.5 percent compared to the same quarter last year. At minus 6.3 percent, demand from the euro area fell significantly more than that from third countries for the fourth time in a row (down 3.4 percent).

Among the main groups of industrial goods, producers of intermediate goods recorded 0.9 percent less orders in the third quarter 2019 than in the previous quarter. While demand from at home dropped 1.4 percent, demand from abroad was only down by 0.3 percent. Compared to the previous year, incoming orders for intermediate goods were down by a hefty 8.4 percent. This was the fifth consecutive drop seen here.

New orders, manufacturing 114

10

112

8

110

6

108

4

106 2 0,5

104

0 102 -0.9

100

-2 -1.0 -4

98

-4.1 -6

96 94

-8 2016

2017

2018

2019

Change over previous year, two-month-average, in percent (right axis) Volume index in manufacturing, two-month-average, seasonally adjusted (left axis) Change over previous quarter (q-o-q), in percent Source: Federal Statistical Office

Demand for capital goods only decreased 0.8 percent compared to the previous quarter. While domestic demand for capital goods increased 0.4 percent over the second quarter, foreign demand for capital goods dropped 1.5 percent. Compared to the previous year, the volume of incoming orders was down 3.4 percent.

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Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

Consumption goods producers received 2.3 percent less orders than in the second quarter 2019.

The drop in demand from abroad, at 2.7 percent, was slightly more pronounced than the drop in domestic orders (down 1.6 percent). Year on year, orders for consumption goods producers were down by 7.6 percent.

According to the latest preliminary figures, incoming orders dropped by 0.4 percent in October 2019 compared to the previous month following price, calendar and seasonal adjustment. The figures for September 2019 were upwardly revised to an increase of 1.5 percent. While domestic demand dropped by 3.2 percent, orders from abroad were only down by 1.5 percent compared to September. Demand from the euro area posted a robust increase of 11.1 percent compared to the previous month on account of an above-average number of large orders. Orders from third countries were down by 4.1 percent.

The trend in incoming orders is not yet a turnaround but it does seem to be slowly bottoming out. The purchasing managers’ index published by the Association for Supply Chain Management, Procurement and Logistics (BME) at 44.1 points in November was still far below the expansion threshold of 50 points but has gained good ground in the last two months. Nonetheless, incoming orders were still 5.7 percent down overall between January and October compared to the same period last year.

Industrial production: construction only sector to expand production In the third quarter 2019, output in the production sector dropped by four percent following price and calendar adjustment compared to the previous year. Output continued to fall in manufacturing, contracting 4.6 percent in the third quarter 2019, as well as in energy production, which dropped by Production development in the manufacturing industry year on year change in percent 2017 2018 2019 year Q1 Q2 Q3 original value calendar adjusted

compared to previous period in percent 2019 Q1 Q2 Q3 Aug Sep Oct seasonally and calendar adjusted

Production

2.7

0.9

-1.6

-4.0

-4.2

-0.3

-1.7

-1.2

0.6

-0.6

-1.7

Industry

2.9

1.1

-2.6

-5.1

-4.7

-0.7

-1.8

-1.0

0.8

-1.4

-1.6

Intermediate goods

3.5

0.6

-1.4

-4.5

-5.2

0.0

0.0

0.0

0.8

-1.1

1.0

Capital goods

2.9

0.9

-3.2

-5.1

-3.2

-1.7

-1.3

-0.4

1.3

-1.6

-4.4

Consumer goods

1.9

2.9

-3.4

-6.1

-8.1

0.2

-1.0

-1.3

-0.9

-0.8

0.3

Energy

-0.1

-1.5

-2.9

-8.0

-12.7

0.5

-6.6

-3.6

-0.3

0.2

2.3

Construction indusry

2.3

0.2

6.2

3.1

1.8

2.3

0.4

-1.1

-0.6

2.5

-2.8

Construction induytry proper

5.2

7.7

11.9

4.9

4.5

3.9

0.6

0.2

-1.1

3.1

-2.0

Finishign indusrty

0.1

-5.5

1.3

1.5

-0.7

1.0

0.3

-2.2

-0.1

2.0

-3.6

Sources: Federal Statistical Office, own calculations

8

Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

12.2 percent. Only the construction industry saw an increase in production. Mainstream construction expanded its activities substantially, going up by 4.6 percent compared to the same quarter last year.

On account of a slight drop in the production of the finishing trades, the building sector overall recorded an increase of 1.8 percent compared to the previous year. Output in both the production sector and manufacturing have thus been on a downward trajectory for five consecutive quarters.

Production in the main industrial groups trended as follows in the third quarter 2019: The production of consumption goods suffered the biggest drop, plunging 7.3 percent, the producers of intermediate goods recorded production decreases of five percent, while capital goods producers fell 3.3 percent short of last year’s level.

Production, manufacturing 110

8

108

6

106

4

104

2

102

0

100

-1.1

-0.6

-0.5

-2

-1.8 98

-4

96

-6 2016

2017

2018

2019

Change over previous year, two-month-comparison, in percent (right axis) Volume index in manufacturing, two-month-average, seasonally adjusted (left axis) Change over previous quarter (q-o-q), in percent Source: Federal Statistical Office

The latest figures for production are very weak. Output in the production sector dropped by 1.7 percent compared to the previous month following price, calendar and seasonal adjustment, according to preliminary data from the Federal Statistical Office, following a drop of 0.6 percent in September.

Energy production saw a moderate increase of 2.3 percent. Activity in the construction sector and mainstream construction also dropped somewhat. Industry curbed its production by 1.6 percent. Within industry, the producers of intermediate goods recorded an increase of one percent and consumption goods producers an increase of 0.3 percent. The production of capital goods dropped steeply, going down 4.4 percent.

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Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

Industrial activity has been trending downwards for five quarters now and shows no signs of turning around. All in all, production in the first nine months of the current year was disappointing, going down by four percent compared to the previous year. Production is expected to continue declining over the rest of the year. Incoming orders for industry have continued to decrease and sentiment indicators such as the ifo business climate index for Germany and the purchasing managers’ index point towards further contraction. Based on the estimates of its member associations, the BDI expects industrial production to decrease by around four percent in 2019 as a whole.

Capacity utilisation falls below long-term average The downward trend in industrial production that has now lasted for five quarters has also affected capacity utilisation, and the decline here has recently accelerated. The ifo Institute puts the decrease in capacity utilisation within manufacturing in the fourth quarter 2019 at 1.3 percentage points, following a fall of 1.4 percentage points in July 2019. Capacity utilisation has only registered four drops as steep as this in the last ten years. At 82.6 percent, capacity utilisation in industry fell below the long-term average of the last ten years for the first time in six years. Industry’s orders in hand have also dropped noticeably, although at an average of 3.1 production months they are still 0.2 percentage points above the long-term average. Data from the Federal Statistical Office on orders in hand, which is being collected again since 2015, paints a similar picture.

Slight improvement in business climate though at a low level Business sentiment has improved somewhat according to the ifo Institute. The ifo business climate index for Germany improved slightly in November 2019, making it the third consecutive month with no

ifo Business-Cycle Clock German manufacturing* Upswing

Business expectations for the next six

25

Boom Jan 2014

Jan 2011

Jan 2018

15 Jan 2010 5 Jan 2016 -5

Jan 2017 Jan 2012 Jan 2015

November Jan 2019 2013

-15 Recession

Downswing

-25 -30

-20

-10

* Balances seasonally adjusted

0

10

20

30

40

50

60

Assesment of current business situation

Source: ifo Institut

10

Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

further deterioration in sentiment. Companies slightly increased their rating of the current situation and prospects. In the service sector, business prospects improved regarding both current business and the next six months. The index for wholesale and retail rose tangibly. Both business climate components rose compared to October in anticipation of a strong Christmas season. In mainstream construction, on the other hand, sentiment went downhill. Both current business and prospects were downwardly revised. The manufacturing sector is still stuck in recession. After a temporary rise in October, the ifo index dropped again in November. This was due to a markedly more negative view of current business. Companies continue to be very unsatisfied with their current orders in hand and are planning to cut production levels. Prospects for the next six months have nonetheless improved slightly.

Outlook The German economy is continuing to tread water. The anticipated technical recession, in other words two consecutive decreases in real gross domestic product following seasonal and calendar adjustment, has not set in as feared. However, a real turnaround is not in sight either. The main factor weighing on the German economy is the weak performance of the manufacturing sector. Gross value added in this GDP forecast for 2019: Change in real economic output over previous year in percent

2019

Federal Government 2019

European Commission 2019

1.4

0.5

0.5

0.4

1.1

1.6

-

-

- Private Consumption

1.1

1½

1.2

1.3

- Public Consumption

1.0

2.0

2.0

2.1

2.6

3.0

2.2

2.5

- Machinery and Equipment

4.2

1½

2.0

0.6

- Construction

2.4

4.0

2.7

-

- Other

0.4

3.0

1.4

-

Exports

2.0

1.0

2.0

0.8

Imports

3.3

2.8

3.8

2.5

Net Exports, Economic Output

-0.4

-0.6

-0.6

-0.6

Actual figures 2018 GDP, real Consumption

Investment

BDI

Sources: Federal Statistical Office, Federal Government (April 2019) European Commission (November 2019), own calculations

11

Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

sector dropped for the fifth consecutive time quarter on quarter. The weak growth here is gradually spreading to other sectors. First signs of a slowdown are emerging in business services and other services, as well as in retail, transport and hospitality. We expect economic growth in the remaining fourth quarter 2019 to again oscillate around zero. While no significant correction to our growth forecast is necessary for 2019 overall, we do need to revise our forecasts for the individual components of GDP. A slight correction is needed to our forecast for consumption. Although employment growth, especially in jobs subject to social security contributions, has slowed down considerably compared to the last few years, consumer demand continued to rise robustly in the first three quarters of the current year. We therefore expect private consumption expenditure to increase by 1.5 percent this year, which is 0.1 percentage points higher than our summer forecast. Based on the first three quarters of the year, we expect state consumption expenditure to increase by two percent this year overall. This would lead to an increase in consumption expenditure of 1.6 percent.

Concerning investment, we are sticking to our overall forecast but the individual components have developed slightly differently than expected. The prognosis for investment in plant and equipment needs to be revised. We now only expect investment here to increase by around 1.5 percent rather than the previously forecast 2.5 percent. Construction investment is likely to increase by four percent in 2019 overall. Investment in construction increased by just under five percent in the first three quarters alone. Investment in other assets (software, research and development) should trend in line with our expectations so far with a rise of around three percent.

Our forecast for developments in foreign trade needs to be revised upwards. German export levels of goods and services have performed much better than initially expected. Based on the results of the year so far, we expect to see a real increase in exports of one percent. For imports we are maintaining our September forecast of an increase of 2.8 percent. The contribution to growth of net exports should be around negative 0.6 percentage points this year.

All in all, for 2019 we anticipate growth in real economic output of one-half percent compared to the previous year. On account of the similar number of working days this year as in 2018, calendar adjustment will be negligible.

12

Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

Imprint Bundesverband der Deutschen Industrie e.V. (BDI) Breite Straße 29 10178 Berlin T: +49 30 2028-0 www.bdi.eu Author Thomas Hüne T: +49 30 2028-1592 t.huene@bdi.eu Editorial / Graphics Dr. Klaus Günter Deutsch T: +49 30 2028-1591 k.deutsch@bdi.eu Marta Gancarek T: +49 30 2028-1588 m.gancarek@bdi.eu

This Quarterly Report Germany is a translation based on „Quartalsbericht IV / 2019“ as of 10 December 2019.

13

Mini growth in the third quarter of 2019 | No more technical recession this year 19/12/2019

Basic data for national account GDP (price, seasonally and calendar adjusted) Change over previous period in percent 2018 2017

2019

2018

Q3

Q4

Q1

Q2

Q3

1.7

1.1

0.1

0.4

0.8

0.2

0.5

- Private Consumption

1.8

1.1

0.0

0.4

0.8

0.1

0.4

- Public Consumption

1.6

1.0

0.1

0.4

0.6

0.6

0.8

2.9

2.6

0.7

0.9

1.6

-0.3

-0.1

- Machinery and Equipment

3.7

4.2

0.5

0.3

1.5

0.3

-2.6

- Construction

2.9

2.4

0.7

1.2

2.5

-1.1

1.2

- Other

1.3

0.4

1.1

1.2

-0.6

0.9

1.0

Domestic Demand

2.0

1.9

0.9

0.4

0.0

0.3

-0.4

Exports

4.6

2.0

-0.9

0.2

1.6

-1.3

1.0

Imports

4.8

3.3

1.3

0.6

0.8

-0.1

0.1

Total

2.2

1.4

-0.1

0.2

0.5

-0.2

0.1

1.2

0.8

0.0

0.3

0.6

0.2

0.4

- Private Consumption

0.9

0.6

0.0

0.2

0.4

0.0

0.2

- Public Consumption

0.3

0.2

0.0

0.1

0.1

0.1

0.2

0.6

0.5

0.2

0.2

0.3

-0.1

0.0

- Machinery and Equipment

0.2

0.3

0.0

0.0

0.1

0.0

-0.2

- Construction

0.3

0.2

0.1

0.1

0.3

-0.1

0.1

- Other

0.1

0.0

0.0

0.1

0.0

0.0

0.0

Change in stocks

0.1

0.6

0.7

-0.1

-0.9

0.2

-0.7

Domestic Demand

1.9

1.8

0.9

0.4

0.0

0.3

-0.4

Net exports

0.3

-0.4

-1.0

-0.2

0.4

-0.6

0.5

Consumption

Investment

Contribution to growth (in percentage points) Consumption

Investment

Source: Destatis

14