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Country Forecast Germany 2nd Quarter 2023

Country Forecast. Germany, 2023

2023 The Economist Intelligence Unit Ltd. All rights reserved. Reproduced with permission of the copyright owner. No further reproduction is permitted. ;ISSN: 0966-9388 ;EISSN: 2048-9331

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  • Title:
    Country Forecast Germany 2nd Quarter 2023
  • Subjects: Automobile industry ; Capital expenditures ; Consumption ; Cost control ; Democracy ; Energy industry ; Foreign exchange rates ; GDP ; Gross Domestic Product ; Growth rate ; International trade ; Labor force ; Pandemics ; Political parties ; Population growth ; Productivity ; Purchasing power parity ; Retail sales ; State elections ; Tax rates ; Tobacco
  • Is Part Of: Country Forecast. Germany, 2023
  • Description: Economic outlook 2022 2023 2024 2025 2026 2027 Real GDP growth (%) 1.9 -0.2 1.3 1.5 1.5 1.3 Consumer price inflation (av, %) 8.7 6.0 2.5 2.1 2.0 2.0 Budget balance (% of GDP) -2.6 -2.5 -1.6 -1.3 -0.7 -0.2 Current-account balance (% of GDP) 4.2 4.4 4.8 5.3 5.6 5.6 3-month Treasury rate (av; %) 0.3 3.7 3.9 3.0 2.0 1.6 Exchange rate €:US$ (av) 0.95 0.90 0.87 0.85 0.84 0.83 Depressed private consumption and investment spending will cause economic growth to stall this year, as real wages stagnate, still-high inflation constrains household spending, and high interest rates raise the cost of borrowing and put pressure on profit margins. Fact sheet Annual data 2022a Historical averages (%) 2018-22 Population (m) 82.9 Population growth 0.0 GDP (US$ bn; market exchange rate) 4,071.4 Real GDP growth 0.5 GDP (US$ bn; purchasing power parity) 5,366.4 Real domestic demand growth 1.0 GDP per head (US$; market exchange rate) 49,120 Inflation 3.1 GDP per head (US$; purchasing power parity) 64,744 Current-account balance (% of GDP) 7.0 Exchange rate (av) €:US$ 0.95 FDI inflows (% of GDP) 2.7 a Actual. Priorities include addressing the impact of high energy prices and inflation on the cost of living; reorienting defence and security policy; managing the transition of the automotive sector towards lower-emission vehicles; building industrial sovereignty and increasing the resilience of supply chains; the rollout of fifth-generation (5G) technology and progress on the Industry 4.0 agenda; and transitioning the energy sector away from reliance on Russia over the long term. Germany's single largest goods export market is still the EU, but the country has been more successful than most in diversifying its markets and selling into fast-growing emerging markets over the past decade. food, drinks & tobacco % of total Major imports 2021 % of total Machinery & transport equipment 46.5 Machinery & transport equipment 36.3 Chemicals & related products 18.8 Chemicals & related products 15.1 Food, drinks & tobacco 5.2 Mineral fuels, lubricants & related materials 9.0 Mineral fuels, lubricants & related materials 2.8 Food, drinks & tobacco 7.1 Leading markets 2022 % of total Leading suppliers 2022 % of total US 9.9 Netherlands 14.3 France 7.4 China 8.7 Netherlands 7.1 Belgium 6.2 China 6.8 Poland 6.1 Political outlook:
  • Publisher: New York: The Economist Intelligence Unit N.A., Incorporated
  • Language: English
  • Identifier: ISSN: 0966-9388
    EISSN: 2048-9331
  • Source: ProQuest Central
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