Mike confirmed the GDP numbers earlier and they don’t exactly set the world alight.
Alongside the GDP data the German stats office also released other annual numbers for 2013.
- Private consumption 0.9% vs 0.8% in 2012
- Government spending 1.1% vs 1.0% 2012
- Exports 0.6% vs 3.2% 2012
- Imports 1.3% vs 1.4% 2012
- Building investment -0.3% vs -1.4%
- Equipment investing -2.2% vs -4.0%
- Public balance -0.1% of GDP vs +0.1% in 2012
- German net new borrowing 2013 €22.1bn vs €25.1bn planned
With those export numbers there’s no hiding behind the fact that growth was domestically based added to the fact that imports were not from other EU states in the main, an argument levelled at the Germans in the second half of the year.
German GDP
Confirmation of the 0.4% growth for 2013 is nearly 50% down on last year and a shadow of the 3.3% in 2011. Germany is always looked upon as the lead player to put some impetus into the euro zone economy. They are relied upon by others like a roadside breakdown service. Looking at the figures above and the GDP chart, I think a few countries are going to have a long wait in the cold and dark before the ADAC turn up to rescue them.
