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Germany Economy 2014
http://www.theodora.com/wfbcurrent/germany/germany_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.5% in 2012. GDP contracted 5.1% in 2009 but grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7% in 2012 - a reflection of low investment spending due to crisis-induced uncertainty and the decreased demand for German exports from recession-stricken periphery countries. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's total budget deficit - including federal, state, and municipal - to 4.1% in 2010, but slower spending and higher tax revenues reduced the deficit to 0.8% in 2011. In 2012 Germany reached a budget surplus of 0.1%. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016 though the target was already reached in 2012. By 2014, the federal government wants to balance its budget. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its electricity generating capacity and 46% of its base-load electricity production.

GDP (purchasing power parity):
$3.167 trillion (2012 est.)
country comparison to the world: 6

$3.139 trillion (2011 est.)
$3.036 trillion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$3.383 trillion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.9% (2012 est.)
country comparison to the world: 164

3.4% (2011 est.)
3.9% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$38,700 (2012 est.)
country comparison to the world: 28

$38,400 (2011 est.)
$37,100 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
24.3% of GDP (2012 est.)
country comparison to the world: 51

24.4% of GDP (2011 est.)
23.6% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 57.4%
government consumption: 19.3%
investment in fixed capital: 17.7%
investment in inventories: -0.4%
exports of goods and services: 51.9%
imports of goods and services: -45.9%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.8%
industry: 30.5%
services: 68.6%

(2012 est.)
[see also: country ranks ]

Agriculture - products:
potatoes, wheat, barley, sugar beets, fruit, cabbages; cattle, pigs, poultry

Industries:
among the world's largest and most technologically advanced producers of iron, steel, coal, cement, chemicals, machinery, vehicles, machine tools, electronics, food and beverages, shipbuilding, textiles

Industrial production growth rate:
-0.2% (2012 est.)
country comparison to the world: 137
[see also: Industrial production growth rate country ranks ]

Labor force:
43.92 million (2012 est.)
country comparison to the world: 16
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 24.6%
services: 73.8%

(2011)

Unemployment rate:
5.5% (2012 est.)
country comparison to the world: 54

6% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
15.5% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 24% (2000)

Distribution of family income - Gini index:
27 (2006)
country comparison to the world: 126

30 (1994)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.535 trillion
[see also: Budget revenues country ranks ]
expenditures: $1.532 trillion (2012 est.)

Taxes and other revenues:
45.4% of GDP (2012 est.)
country comparison to the world: 24
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.1% of GDP (2012 est.)
country comparison to the world: 46
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
81% of GDP (2012 est.)
country comparison to the world: 27

80.1% of GDP (2011 est.)
note: general government gross debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); the general government sector comprises the sub-sectors of central government, state government, local government and social security funds; the series are presented as a percentage of GDP and in millions of euro; GDP used as a denominator is the gross domestic product at current market prices; data expressed in national currency are converted into euro using end-of-year exchange rates provided by the European Central Bank
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.1% (2012 est.)
country comparison to the world: 42

2.5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.5% (31 December 2012)
country comparison to the world: 115

1.75% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.07% (31 December 2012 est.)
country comparison to the world: 169

3.94% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.025 trillion (31 December 2012 est.)
country comparison to the world: 5

$1.777 trillion (31 December 2011 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.281 trillion (31 December 2012 est.)
country comparison to the world: 5

$4.197 trillion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.277 trillion (31 December 2012 est.)
country comparison to the world: 5

$4.188 trillion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.184 trillion (31 December 2011)
country comparison to the world: 11

$1.43 trillion (31 December 2010)
$1.298 trillion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$238.5 billion (2012 est.)
country comparison to the world: 1

$223.3 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$1.46 trillion (2012 est.)
country comparison to the world: 4

$1.516 trillion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
motor vehicles, machinery, chemicals, computer and electronic products, electrical equipment, pharmaceuticals, metals, transport equipment, foodstuffs, textiles, rubber and plastic products

Exports - partners:
France 10.1%, UK 7.1%, Netherlands 6.9%, US 6.3%, Austria 5.6%, Italy 5.4%, China 5.1%, Switzerland 4.7%, Belgium 4.3%, Poland 4.1% (2012)

Imports:
$1.222 trillion (2012 est.)
country comparison to the world: 4

$1.295 trillion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, data processing equipment, vehicles, chemicals, oil and gas, metals, electric equipment, pharmaceuticals, foodstuffs, agricultural products

Imports - partners:
Netherlands 14.1%, France 7.5%, China 6.7%, Belgium 6.4%, Italy 5.5%, UK 4.9%, Austria 4.4%, Russia 4.4%, Czech Republic 4.1% (2012)

Reserves of foreign exchange and gold:
$248.9 billion (31 December 2012 est.)
country comparison to the world: 13

$238.9 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$5.719 trillion (31 December 2012)
country comparison to the world: 4

$5.338 trillion (31 December 2011)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.307 trillion (31 December 2012 est.)
country comparison to the world: 5

$1.222 trillion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.788 trillion (31 December 2012 est.)
country comparison to the world: 3

$1.651 trillion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.7752 (2012 est.)
0.7194 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)


NOTE: The information regarding Germany on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Germany Economy 2014 information contained here. All suggestions for corrections of any errors about Germany Economy 2014 should be addressed to the CIA.



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