Real Value of Gross Domestic Product and Terms of Trade: Results for 2020

In addition to price-adjusted GDP, the German Federal Statistical Office also publishes the real value of GDP. The two indicators differ by the terms of trade effect. In 2020, the German economy recorded strong gains in purchasing power due to significantly improved terms of trade, which counteracted the production-related sharp decline in real domestic incomes in the wake of the Covid-19 pandemic.