Economy - overview:
Germany's affluent and technologically powerful economy turned in a relatively weak performance throughout much of the 1990s. The modernization and integration of the eastern German economy continues to be a costly long-term problem, with annual transfers from west to east amounting to roughly $70 billion. Germany's ageing population, combined with high unemployment, has pushed social security outlays to a level exceeding contributions from workers. Structural rigidities in the labor market - including strict regulations on laying off workers and the setting of wages on a national basis - have made unemployment a chronic problem. Business and income tax cuts introduced in 2001 did not spare Germany from the impact of the downturn in international trade, and domestic demand faltered as unemployment began to rise. Growth in 2002 again fell short of 1%. Corporate restructuring and growing capital markets are setting the foundations that could allow Germany to meet the long-term challenges of European economic integration and globalization, particularly if labor market rigidities are addressed. In the short run, however, the fall in government revenues and the rise in expenditures has brought the deficit close to the EU's 3% debt limit.
GDP:
purchasing power parity - $2.184 trillion (2002 est.)
GDP - real growth rate:
0.4% (2002 est.)
GDP - per capita:
purchasing power parity - $26,600 (2002 est.)
GDP - composition by sector:
agriculture: 1%
industry: 31%
services: 68% (2002 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 3.6%
highest 10%: 25.1% (1997)
Distribution of family income - Gini index:
30 (1994)
Inflation rate (consumer prices):
1.3% (2002 est.)
Labor force:
41.9 million (2001)
Labor force - by occupation:
industry 33.4%, agriculture 2.8%, services 63.8% (1999)
Unemployment rate:
9.8% (2002 est.)
Budget:
revenues: $802 billion
expenditures: $825 billion, including capital expenditures of $NA (2001 est.)
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:
-2.1% (2002 est.)
Electricity - production:
544.8 billion kWh (2001)
Electricity - production by source:
fossil fuel: 61.8%
hydro: 4.2%
other: 4.1% (2001)
nuclear: 29.9%
Electricity - consumption:
506.8 billion kWh (2001)
Electricity - exports:
43.9 billion kWh (2001)
Electricity - imports:
44 billion kWh (2001)
Oil - production:
85,860 bbl/day (2001 est.)
Oil - consumption:
2.813 million bbl/day (2001 est.)
Oil - exports:
404,300 bbl/day (2001)
Oil - imports:
3.081 million bbl/day (2001)
Oil - proved reserves:
327.3 million bbl (January 2002 est.)
Natural gas - proved reserves:
298.3 billion cu m (January 2002 est.)
Agriculture - products:
potatoes, wheat, barley, sugar beets, fruit, cabbages; cattle, pigs, poultry
Exports:
$608 billion f.o.b. (2002 est.)
Exports - commodities:
machinery, vehicles, chemicals, metals and manufactures, foodstuffs, textiles
Exports - partners:
France 11.1%, US 10.6%, UK 8.4%, Netherlands 6.2%, Austria 5.1%; Belgium 4.9%, Spain 4.5%, Switzerland 4.3% (2001)
Imports:
$487.3 billion f.o.b. (2002 est.)
Imports - commodities:
machinery, vehicles, chemicals, foodstuffs, textiles, metals
Imports - partners:
France 9.4%, Netherlands 8.4%, US 8.3%, UK 6.9%, Italy 6.5%, Belgium 5.2%, Japan 4.1%, Austria 3.8% (2001)
Debt - external:
$NA
Economic aid - donor:
ODA, $5.6 billion (1998)
Currency:
euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries
Currency code:
EUR
Exchange rates:
euros per US dollar - 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999), 1.7597 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Germany on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Germany Economy 2003 should be addressed to the CIA.
