Germany | Quarterly National Accounts — Structural Macro Monitor
Executive-first synthesis of growth quality, investment structure, competitiveness, household demand and the external sector.
Executive structural synthesis
Germany's quarterly national-accounts picture is classified as constructive but mixed. Growth Quality: Mixed growth. Investment Quality: Productive-capital intensive. Competitiveness: Mixed / broadly neutral. Household Demand: Mixed household demand. External Sector: Data unavailable. Across the five modules, 1 are favourable, 4 mixed/neutral and 0 adverse.
| Module | Assessment | Secondary | Key metric | Metric label | Quarter | Status | Flags |
|---|---|---|---|---|---|---|---|
| Growth Quality | Mixed growth | Primary driver: Unavailable | 1.0 | Real GDP growth | 2026-Q2 | Mixed / neutral | Contribution coverage 0/6 |
| Investment Quality | Productive-capital intensive | Productive-capital proxy: 48.8% | 20.1 | GFCF / GDP | 2026-Q2 | Favourable | High intellectual-property share; Real GFCF contracting |
| Competitiveness | Mixed / broadly neutral | Prod gap vs EU: +0.6 pp | NULC gap: -0.3 pp | 1.4 | Latest productivity/hour | 2026-Q2 | Mixed / neutral | None |
| Household Demand | Mixed household demand | Primary category: Semi-durables | 0.4 | Real household consumption | 2026-Q2 | Mixed / neutral | None |
| External Sector | Data unavailable | Net exports: — | NaN | Net exports contribution | 2026-Q2 | Mixed / neutral | None |
Quarterly scorecard
Each indicator uses its own latest available observation. EU-27 is compared in the same quarter shown for the selected country.
| Indicator | Measure | Quarter | Germany | EU-27 | Gap vs EU |
|---|---|---|---|---|---|
| Real GDP growth | % YoY | 2026-Q2 | 1.00 | 1.40 | -0.40 |
| Real GDP growth | % QoQ | 2026-Q2 | 0.30 | 0.70 | -0.40 |
| Productivity per person | % YoY | 2026-Q2 | 1.50 | 0.90 | +0.60 |
| Productivity per hour | % YoY | 2026-Q2 | 1.40 | 0.80 | +0.60 |
| Nominal unit labour cost | % YoY | 2026-Q2 | 2.50 | 2.80 | -0.30 |
| Gross fixed capital formation | % GDP | 2026-Q2 | 20.10 | 21.50 | -1.40 |
| Household & NPISH consumption | % YoY | 2026-Q2 | 0.40 | 1.20 | -0.80 |
| Exports | % YoY | 2026-Q2 | 3.50 | 4.20 | -0.70 |
| Imports | % YoY | 2026-Q2 | 2.40 | 3.90 | -1.50 |
Growth anatomy
Expenditure-side percentage-point contributions used for the growth-mix classification. Imports are already signed in Eurostat's contribution measure.
| Engine | Contribution (pp) |
|---|---|
| Household consumption | — |
| Government consumption | — |
| Investment | — |
| Inventories & valuables | — |
| Exports | — |
| Imports | — |
| Net exports | — |
| Domestic demand | — |
| Residual / reconciliation | — |
Investment structure & quality
The fixed-investment mix in 2026-Q2 is classified as productive-capital intensive. GFCF stood at 20.1% of GDP versus 21.5% for EU-27. Machinery/equipment plus intellectual property accounted for 48.8% of GFCF, while construction accounted for 51.1%. Total real GFCF growth was -0.1% year-on-year in 2026-Q2. Watchpoints: High intellectual-property share; Real GFCF contracting.
| Asset | Code | Level (€m) | Share of GFCF | EU-27 share | Gap vs EU (pp) | Real growth (% YoY) |
|---|---|---|---|---|---|---|
| Dwellings | N111G | 70,004.0 | 29.7% | 23.1% | +6.7 | -2.5 |
| Other buildings & structures | N112G | 50,273.0 | 21.4% | 26.8% | -5.5 | -0.4 |
| Machinery & equipment | N11MG | 68,568.0 | 29.1% | 29.8% | -0.6 | +0.8 |
| Cultivated biological resources | N115G | 122.0 | 0.1% | 0.2% | -0.1 | -7.2 |
| Intellectual property products | N117G | 46,368.0 | 19.7% | 20.2% | -0.5 | +2.3 |
Productivity, labour cost & competitiveness
The current structural signal is classified as mixed / broadly neutral. On the latest common comparison quarter (2026-Q2), real labour productivity per hour grew +1.4% year-on-year versus +0.8% in EU-27. Nominal unit labour cost per hour increased +2.5% versus +2.8% in EU-27.
| Metric | Quarter | Country | EU-27 | Euro area | Gap vs EU | Gap vs EA | Latest country quarter | Latest country value |
|---|---|---|---|---|---|---|---|---|
| Productivity per hour | 2026-Q2 | +1.40 | +0.80 | +0.60 | +0.60 | +0.80 | 2026-Q2 | 1.4 |
| Productivity per person | 2026-Q2 | +1.50 | +0.90 | +0.60 | +0.60 | +0.90 | 2026-Q2 | 1.5 |
| NULC per hour | 2026-Q2 | +2.50 | +2.80 | +2.60 | -0.30 | -0.10 | 2026-Q2 | 2.5 |
| NULC per person | 2026-Q2 | +2.70 | +2.80 | +2.70 | -0.10 | +0.00 | 2026-Q2 | 2.7 |
Household demand & consumption mix
The current household-demand mix is classified as mixed household demand. Real household consumption grew +0.4% year-on-year in 2026-Q2. Durables accounted for 9.2% of nominal household expenditure and services for 55.0% in 2026-Q2.
| Category | Code | Level (€m) | Share of consumption | EU-27 share | Gap vs EU (pp) | Real growth (% YoY) | Real growth quarter |
|---|---|---|---|---|---|---|---|
| Durable goods | P311_S14 | 54,728.0 | 9.2% | 8.1% | +1.1 | +1.3 | 2026-Q2 |
| Semi-durable goods | P312_S14 | 48,744.0 | 8.2% | 7.6% | +0.6 | +1.9 | 2026-Q2 |
| Non-durable goods | P313_S14 | 164,632.0 | 27.6% | 29.9% | -2.3 | -0.5 | 2026-Q2 |
| Services | P314_S14 | 328,011.0 | 55.0% | 54.4% | +0.6 | +0.4 | 2026-Q2 |
External sector & trade contribution
The external-sector contribution is classified as data unavailable. Real exports grew +3.5% YoY while real imports grew +2.4% YoY.
| Metric | Contribution (pp) | Real growth (% YoY) | Quarter |
|---|---|---|---|
| Exports | — | +3.50 | 2026-Q2 |
| Imports | — | +2.40 | 2026-Q2 |
| Net exports | — | — | 2026-Q2 |
| Domestic demand | — | — | 2026-Q2 |
A-CLUSTER Quarterly National Accounts — Structural Macro Monitor Summary
Executive structural synthesis across growth, investment, competitiveness, household demand and the external sector.
Executive Dashboard
One-page synthesis of the growth mix, structural pulse and EU comparison.
Real GDP Growth
Year-on-year real GDP growth for the selected country, EU-27 and euro area.
Productivity per Hour
Real labour productivity per hour worked, year-on-year.
European GDP Ranking
Cross-country comparison of real GDP growth for the latest available ranking quarter.
Household Consumption
Quarterly household consumption expenditure in current prices, by durability category where available.
Investment Structure & Quality
Composition of fixed investment, structural shares, EU comparison and investment-quality assessment.
Productivity, Labour Cost & Competitiveness
Productivity growth, nominal unit labour costs and relative performance versus EU-27 and the euro area.
Household Demand & Consumption Mix
Household expenditure composition and real demand momentum across durables, non-durables and services.
External Sector & Trade Contribution
Export, import and net-export contributions, trade growth and the source of external-sector support.
