The upswing of the German economy
continued at the end of 2010, though at a slightly slower pace. The gross
domestic product (GDP) rose 0.4% - - after price, seasonal and calendar
adjustment - - in the fourth quarter of 2010 on the third quarter, according to
the federal statistics office, Destatis today. The statistics office also
reported that the German economy grew 3.6% (calendar-adjusted: 3.5%) over the
entire year of 2010. French GDP increased by 0.3% in Q4 of 2010, after +0.3% in
the previous quarter. Over the year, GDP grew by 1.5%, France's statistics
office Insee reported today.
When compared with a year earlier, the German GDP was markedly above the level
of crisis year 2009 in all quarters of 2010. In the last quarter of 2010, the
GDP rose 4.0%
on the fourth quarter of 2009.
In the third quarter, German GDP
expanded by 0.7%; a blistering 2.2% in Q2 and 0.6% in Q1.
said in a quarter-on-quarter comparison (adjusted for price, seasonal and
calendar variations), a positive contribution was made mainly by net exports.
Also, on a domestic scale, both capital formation in machinery and equipment and
consumption were up, so that especially the weather-related decrease in capital
formation in construction could be offset.
The statistical carry-over effect of 2010 is 1.2%. That is the growth rate
which would be obtained for 2011 if the seasonally and calendar-adjusted
GDP remained at the level of
the fourth quarter of 2010 for the entire year of 2011.
The economic performance in the fourth quarter of 2010 was achieved by 41.0m
persons in employment, which was an increase of 422,000 persons or 1.0% on a
In addition to the first calculation of data for the fourth quarter of 2010,
Destatis revised the
results published so far for the first three quarters of 2010 and for the year
Germany accounts for about 30% of
In France, Insee
said that in Q4, households’ consumption expenditure increased by 0.9%
(after +0.5%). It has been driven by a boom in energy consumption due to a cold
December (+2.6% after 3.1%). It has also been supported by car purchases,
rocketing before the end of the scrappage program on January 01, 2011
(+8.8% after +0.9%). Over the year, households’ consumption expenditure grew by
1.6% in 2010 after +0.6%.