As reported by Germany's Federal Statistical Office (Destatis), the German economy has indicated slower growth in 2013 as compared to the preceding years. The country's price, season and calendar adjusted gross domestic product (GDP) in 2013 increased by 0.4 percent compared to the previous year, following year-on-year growth rates of 0.7 percent in 2012 and 3.3 percent in 2011.
German foreign trade was less dynamic in 2013 due to the continuing difficult external economic environment. In price-adjusted terms, German exports of goods and services were up a total 0.6 percent on a year earlier. At the same time, however, imports rose by 1.3 percent.
In construction, however, price-adjusted gross value added was down again, although the decrease in 2013 (-1.2%) was just half that in 2012. Industry (excluding construction), which accounts for a good quarter of total gross value added, was roughly at the previous year's level. Total price-adjusted gross value added of all economic sectors rose by 0.4 percent year on year.
