Real Value of Gross Domestic Product and Terms of Trade: Results for 2014

In addition to statistics for price-adjusted gross domestic product, the German Federal Statistics Office is now also publishing figures on real domestic income, or the real value of gross domestic product. This closed a major data gap in Germany’s national accounts. In open economies, which also depend heavily on imported commodities, terms-of-trade-related differences between the real value of GDP and real GDP can be significant in the short-term. This article presents results that have been calculated on the basis of the new European National Accounts System.