Real value of GDP: Purchasing Power Plus Through Terms-of-Trade Profits

Since the introduction of the European System of Integrated Economic Accounts (ESA) 1995 in 1999, the German Federal Statistics Office has published quarterly results on the real value of gross domestic product (GDP). This article presents the latest complementary seasonally-adjusted values: on annual average the real value of GDP increased by 0.9% in 2013, but real GDP only rose by 0.4%. If we consider the seasonally and calendar-adjusted values, the real value of GDP increased by as much as 2.0%, but real GDP, by contrast, only rose by 1.4%.