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Germany Economy 2015
http://www.theodora.com/wfbcurrent/germany/germany_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 22, 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, has contributed to strong growth 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 5.3% in 2013. The new German government introduced a minimum wage of $11 per hour to take effect in 2015. 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 and 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. 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):
$3.227 trillion (2013 est.)
country comparison to the world: 6

$3.211 trillion (2012 est.)
$3.182 trillion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$3.593 trillion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.5% (2013 est.)
country comparison to the world: 185

0.9% (2012 est.)
3.4% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$39,500 (2013 est.)
country comparison to the world: 29

$39,200 (2012 est.)
$38,900 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
24.7% of GDP (2013 est.)
country comparison to the world: 50

24.3% of GDP (2012 est.)
24.4% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 57.6%
government consumption: 19.4%
investment in fixed capital: 17.5%
investment in inventories: 0.1%
exports of goods and services: 49.5%
imports of goods and services: -44.1%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 0.8%
industry: 30.1%
services: 69%

(2013 est.)

Agriculture - products:
potatoes, wheat, barley, sugar beets, fruit, cabbages; milk products; 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, automobiles, food and beverages, shipbuilding, textiles

Industrial production growth rate:
-0.3% (2013 est.)
country comparison to the world: 167
[see also: Industrial production growth rate country ranks ]

Labor force:
44.2 million (2013 est.)
country comparison to the world: 15
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.6%
industry: 24.6%
services: 73.8%

(2011)

Unemployment rate:
5.3% (2013 est.)
country comparison to the world: 52

5.5% (2012 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%
highest 10%: 24% (2000)

Distribution of family income - Gini index:
27 (2006)
country comparison to the world: 130

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

Budget:
revenues: $1.626 trillion
expenditures: $1.624 trillion (2013 est.)

Taxes and other revenues:
45.3% of GDP (2013 est.)
country comparison to the world: 20
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.1% of GDP (2013 est.)
country comparison to the world: 41
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
79.9% of GDP (2013 est.)
country comparison to the world: 26

81% of GDP (2012 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):
1.6% (2013 est.)
country comparison to the world: 44

2.1% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.75% (31 December 2013)
country comparison to the world: 122

1.5% (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:
2.8% (31 December 2013 est.)
country comparison to the world: 168

3.07% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.158 trillion (31 December 2013 est.)
country comparison to the world: 5

$2.025 trillion (31 December 2012 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:
$4.551 trillion (31 December 2013 est.)
country comparison to the world: 5

$4.342 trillion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.457 trillion (31 December 2013 est.)
country comparison to the world: 5

$4.277 trillion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.486 trillion (31 December 2012 est.)
country comparison to the world: 10

$1.184 trillion (31 December 2011)
$1.43 trillion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$257.1 billion (2013 est.)
country comparison to the world: 1

$238.5 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$1.493 trillion (2013 est.)
country comparison to the world: 4

$1.46 trillion (2012 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 9.21%, United States 7.85%, United Kingdom 6.53%, Netherlands 6.33%, China 5.91%, Italy 5.05%, Austria 5.03%, Switzerland 4.3%, Belgium 4.04% (2013 est.)

Imports:
$1.233 trillion (2013 est.)
country comparison to the world: 4

$1.222 trillion (2012 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 12.88%, France 7.61%, China 6.25%, Belgium 6.13%, Italy 5.31%, United Kingdom 4.61%, Austria 4.33%, United States 4.19%, Switzerland 4.3%, Austria 4.1%, Poland 4% (2013 est.)

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:
$5.717 trillion (31 December 2012 est.)
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:
$1.335 trillion (31 December 2013 est.)
country comparison to the world: 5

$1.307 trillion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.871 trillion (31 December 2013 est.)
country comparison to the world: 3

$1.788 trillion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.7634 (2013 est.)
0.7752 (2012 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 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Germany Economy 2015 information contained here. All suggestions for corrections of any errors about Germany Economy 2015 should be addressed to the CIA.



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