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Germany Economy 2017
https://theodora.com/wfbcurrent/germany/germany_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Germany Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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 a large increase in 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 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. The new German Government introduced a minimum wage of about $11.60 (8.50 euros) per hour that took 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 2015 Germany reached a budget surplus of 0.9%. 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.The German economy suffers from low levels of investment, and a government plan to invest 15 billion euros during 2016-18, largely in infrastructure, is intended to spur needed private investment. 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 plans to replace nuclear power largely with renewable energy, which accounted for 27.8% of gross electricity consumption in 2014, up from 9% in 2000. 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. Domestic consumption, bolstered by low energy prices and a weak euro, are likely to drive German GDP growth again in 2016.

GDP (purchasing power parity):
$3.979 trillion (2016 est.) $3.911 trillion (2015 est.) $3.854 trillion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 6
[see also: GDP country ranks ]

GDP (official exchange rate):
$3.495 trillion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.7% (2016 est.) 1.5% (2015 est.) 1.6% (2014 est.)
country comparison to the world: 146
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$48,200 (2016 est.) $47,600 (2015 est.) $47,500 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 27
[see also: GDP - per capita country ranks ]

Gross national saving:
27.9% of GDP (2016 est.) 27.7% of GDP (2015 est.) 27% of GDP (2014 est.)
country comparison to the world: 34
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 53.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 45.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -38% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 30.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 69.1% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
1.5% (2016 est.)
country comparison to the world: 133
[see also: Industrial production growth rate country ranks ]

Labor force:
45.3 million (2016 est.)
country comparison to the world: 15
[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%
[see also: Labor force - by occupation - industry country ranks ]
services: 73.8% (2011)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.3% (2016 est.) 4.6% (2015 est.)
country comparison to the world: 42
[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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
27 (2006) 30 (1994)
country comparison to the world: 133
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.507 trillion
[see also: Budget revenues country ranks ]
expenditures: $1.484 trillion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
43.1% of GDP (2016 est.)
country comparison to the world: 26
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.6% of GDP (2016 est.)
country comparison to the world: 21
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
69% of GDP (2016 est.) 71.2% of GDP (2015 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
country comparison to the world: 47
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.4% (2016 est.) 0.1% (2015 est.)
country comparison to the world: 46
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (31 December 2013) 0.3% (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
country comparison to the world: 149
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
1.7% (31 December 2016 est.) 1.84% (31 December 2015 est.)
country comparison to the world: 180
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.049 trillion (31 December 2016 est.) $1.923 trillion (31 December 2015 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of
country comparison to the world: 5
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.347 trillion (31 December 2014 est.) $4.451 trillion (31 December 2013 est.)
country comparison to the world: 5
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.327 trillion (31 December 2016 est.) $4.452 trillion (31 December 2015 est.)
country comparison to the world: 5
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.716 trillion (31 December 2015 est.) $1.739 trillion (31 December 2014 est.) $1.936 trillion (31 December 2013 est.)
country comparison to the world: 8
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$301.4 billion (2016 est.) $284.2 billion (2015 est.)
country comparison to the world: 2
[see also: Current account balance country ranks ]

Exports:
$1.283 trillion (2016 est.) $1.309 trillion (2015 est.)
country comparison to the world: 4
[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:
US 9.6%, France 8.6%, UK 7.5%, Netherlands 6.6%, China 6%, Italy 4.9%, Austria 4.8%, Poland 4.4%, Switzerland 4.2% (2015)

Imports:
$987.6 billion (2016 est.) $1.017 trillion (2015 est.)
country comparison to the world: 4
[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 13.7%, France 7.6%, China 7.3%, Belgium 6%, Italy 5.2%, Poland 5%, US 4.7%, Czech Republic 4.5%, UK 4.2%, Austria 4.2%, Switzerland 4.2% (2015)

Reserves of foreign exchange and gold:
$173.7 billion (31 December 2015 est.) $173.7 billion (31 December 2015 est.)
country comparison to the world: 15
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$5.326 trillion (31 March 2016 est.) $5.21 trillion (31 March 2015 est.)
country comparison to the world: 5
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.416 trillion (31 December 2016 est.) $1.36 trillion (31 December 2015 est.)
country comparison to the world: 6
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$2.08 trillion (31 December 2016 est.) $1.972 trillion (31 December 2015 est.)
country comparison to the world: 3
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.9214 (2016 est.) 0.885 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.) 0.7752 (2012 est.)


NOTE: The information regarding Germany on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Germany Economy 2017 information contained here. All suggestions for corrections of any errors about Germany Economy 2017 should be addressed to the CIA.




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