Germany Economy - 2024

Economic overview

leading EU service-based export-driven economy; highly skilled and educated labor force; fairly fiscally conservative; energy-related economic disruptions due to Russian gas cessations; increased defense spending and rising debts

Real GDP (purchasing power parity)

$4.523 trillion (2022 est.)
$4.424 trillion (2021 est.)
$4.311 trillion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.63% (2021 est.)
-3.7% (2020 est.)
1.06% (2019 est.)

Real GDP per capita

$54,000 (2022 est.)
$53,200 (2021 est.)
$51,800 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$3,860,923,000,000 (2019 est.)

Inflation rate (consumer prices)

3.14% (2021 est.)
0.51% (2020 est.)
1.45% (2019 est.)

Credit ratings

Fitch rating: AAA (1994)

Moody's rating: Aaa (1986)

Standard & Poors rating: AAA (1983)

note: The year refers to the year in which the current credit rating was first obtained. Credit ratings prior to 1989 refer to West Germany.

GDP - composition, by sector of origin

agriculture: 0.7% (2017 est.)

industry: 30.7% (2017 est.)

services: 68.6% (2017 est.)

GDP - composition, by end use

household consumption: 53.1% (2017 est.)

government consumption: 19.5% (2017 est.)

investment in fixed capital: 20.4% (2017 est.)

investment in inventories: -0.5% (2017 est.)

exports of goods and services: 47.3% (2017 est.)

imports of goods and services: -39.7% (2017 est.)

Agricultural products

milk, pork, wheat, beef, potatoes, barley, rapeseeds, chicken, eggs, sugar beets

Industries

iron, steel, coal, cement, chemicals, machinery, vehicles, machine tools, electronics, automobiles, food and beverages, shipbuilding, textiles

Industrial production growth rate

3.61% (2021 est.)

Labor force

43.968 million (2021 est.)

Unemployment rate

3.54% (2021 est.)
3.81% (2020 est.)
3.14% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 7% (2021 est.)

male: 7.2%

female: 6.6%

Population below poverty line

14.8% (2018 est.)

Gini Index coefficient - distribution of family income

31.7 (2018 est.)

Average household expenditures

on food: 10.7% of household expenditures (2018 est.)

on alcohol and tobacco: 3.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.6%

highest 10%: 24% (2000)

Remittances

0.48% of GDP (2021 est.)
0.5% of GDP (2020 est.)
0.48% of GDP (2019 est.)

Budget

revenues: $1.785 trillion (2020 est.)

expenditures: $1.945 trillion (2020 est.)

Budget surplus (+) or deficit (-)

1.3% (of GDP) (2017 est.)

Public debt

63.9% of GDP (2017 est.)
67.9% of GDP (2016 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 euros; 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

Taxes and other revenues

10.55% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$313.754 billion (2021 est.)
$274.2 billion (2020 est.)
$294.407 billion (2019 est.)

Exports

$2.079 trillion (2022 est.)
$2.004 trillion (2021 est.)
$1.676 trillion (2020 est.)

note: data are in current year dollars

Exports - partners

US 9%, China 8%, France 8%, Netherlands 6%, UK 6% (2021)

Exports - commodities

cars and vehicle parts, packaged medicines, medical cultures and vaccines, aircraft, industrial machinery, medical instruments (2021)

Imports

$1.999 trillion (2022 est.)
$1.775 trillion (2021 est.)
$1.454 trillion (2020 est.)

note: data are in current year dollars

Imports - partners

China 10%, Netherlands 10%, Poland 7%, France 6%, Italy 6%  (2021)

Imports - commodities

cars and vehicle parts, packaged medicines, broadcasting equipment, medical cultures/vaccines, computers (2021)

Reserves of foreign exchange and gold

$295.736 billion (31 December 2021 est.)
$268.409 billion (31 December 2020 est.)
$224.028 billion (31 December 2019 est.)

Debt - external

$5,671,463,000,000 (2019 est.)
$5,751,408,000,000 (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)