As regards the output approach by industry, manufacturing experienced the most conspicuous setback  
(-11.7% in real terms), followed by financial intermediation, which decreased by -7.2% in real terms. Industry in total (including mining, energy and construction) declined by -8.7% in real terms. Within the service sector, besides financial intermediation, the most significant decrease appeared in transport and communication services (-5.2% in real terms). The decline in manufacturing was reflected in a dramatic slump in the export of goods and services, which fell by -17.1% at current prices and -15.5% in real terms, respectively. Domestic demand, on the other hand, experienced a significant downturn of gross capital formation by -9.3%. Gross fixed capital formation decreased by -7.8% in real terms. Whereas demand for transport equipment dramatically fell by -27.6% in real terms, the decline of investments in machinery was not that strong (-5.6% in real terms). Final household consumption expenditure incremented by +1.5% at current prices and +0.4% in real terms, respectively. The increase in government final consumption expenditure was +4.6% at current prices and +1.2% in real terms, respectively.

Net national disposable income declined by -2.2.% to € 227.6 bn. Compensation of employees (i.e. the total remuneration, in cash or in kind, payable by an employer to an employee) increased by 1.4%, whereas operating surplus and mixed income decreased significantly by -4,1%. The implicit price index of GDP (derived from the GDP at current prices and at constant prices respectively, based on previous year’s prices) was 101.9. Hence, the overall price development was significantly stronger than the change of the consumer prices index (+0.5%).