Between 1850 and 1873, the expansion of Germany’s railways fuelled sensational growth in the country’s productive capacity. The years 1873 to 1896, on the other hand, were marked by abrupt economic fluctuations and the contemporary perception of an economic downturn. Today, however, it is no longer common to describe this period as a “Great Depression.” This index of German production (calibrated so that 100 represents production in 1913) shows an overall increase during this so-called depression. The index rises a total of 19.2 units (or 73%) between 1873 and 1894. The most difficult period (1873–1880) can be distinguished from a period of renewed growth during the second half of the 1880s.