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Economy - overview: The German economy - the fifth largest
economy in the world in PPP terms and Europe's largest - began to contract in
the second quarter of 2008 as the strong euro, high oil prices, tighter credit
markets, and slowing growth abroad took their toll on Germany's export-dependent
economy. At 1.3% in 2008, GDP growth is expected to be negative in 2009. Recent
stimulus and lender relief efforts will make demands on Germany's federal budget
and undercut plans to balance its budget by 2011. The reforms launched by the
former government of Chancellor Gerhard SCHOEDER, deemed necessary due to
chronically high unemployment and low average growth, led to strong growth in
2007, while unemployment in 2008 fell below 8%, a new post-reunification low.
Germany's aging population, combined with high chronic unemployment, has pushed
social security outlays to a level exceeding contributions, but higher
government revenues from the cyclical upturn in 2006-07 and a 3% rise in the
value-added tax cut Germany's budget deficit to within the EU's 3% debt limit in
2007. The current government of Chancellor Angela MERKEL has initiated other
reform measures, such as a gradual increase in the mandatory retirement age from
65 to 67 and measures to increase female participation in the labor market. The
modernization and integration of the eastern German economy - where unemployment
still exceeds 30% in some municipalities - continues to be a costly long-term
process, with annual transfers from west to east amounting to roughly $80
billion. While corporate restructuring and growing capital markets have set
strong foundations to help Germany meet the longer-term challenges of European
economic integration and globalization, Germany's export-oriented economy has
proved a disadvantage in the context of weak global demand. GDP (purchasing power parity):
$2.863 trillion (2008 est.)
GDP (official exchange rate):
$3.818 trillion (2008 est.)
GDP - real growth rate: 1.3% (2008 est.) GDP - per capita (PPP):
$34,800 (2008 est.)
GDP - composition by sector:
agriculture: 0.9%
industry: 30.1%
services: 69% (2008 est.)
Unemployment rate: 7.9%
note: this is the International Labor Organization's estimated rate for
international comparisons; Germany's Federal Employment Office estimated a
seasonally adjusted rate of 10.8% (2008 est.) Budget:
revenues: $1.465 trillion
expenditures: $1.477 trillion (2007 est.) Public Debt:
65.3% of GDP (2007 est.) Agriculture - Products: potatoes, wheat,
barley, sugar beets, fruit, cabbages; 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,
food and beverages, shipbuilding, textiles
Industrial production growth rate: 2.1% (2007 est.)
Electricity - production: 579.4 billion kWh (2005)
Electricity - consumption: 545.5 billion kWh (2005)
Electricity - exports: 61.43 billion kWh (2005)
Electricity - imports: 56.86 billion kWh (2005)
Oil - production: 141,700 bbl/day (2005)
Oil - consumption: 2.618 million bbl/day (2005)
Oil - exports: 518,700 bbl/day (2004)
Oil - imports: 2.953 million bbl/day (2004)
Oil- Proved Reserves: 367.2 million bbl (1 January 2006 est.)
Natural gas - production: 19.9 billion cu m (2005 est.)
Natural gas - consumption: 102 billion cu m (2005 est.)
Natural gas - exports: 9.42 billion cu m (2005 est.)
Natural gas - imports: 86.99 billion cu m (2005)
Natural Gas - Proved Reserves: 246.5 billion cu m (1 January 2006
est.)
Current Account Balance: $185.1 billion (2007 est.)
Exports: $1.361 trillion f.o.b. (2007 est.)
Exports - commodities: machinery, vehicles, chemicals, metals and
manufactures, foodstuffs, textiles
Exports - partners: France 9.7%, US 8.6%, UK 7.3%, Italy 6.7%,
Netherlands 6.2%, Belgium 5.5%, Austria 5.5%, Spain 4.7% (2006)
Imports: $1.121 trillion f.o.b. (2007 est.)
Imports - commodities: machinery, vehicles, chemicals,
foodstuffs, textiles, metals
Imports - partners: Netherlands 11.7%, France 8.7%, Belgium
7.6%, UK 5.9%, China 5.9%, Italy 5.5%, US 5.1%, Austria 4.3%, Russia 4% (2006)
Reserves of foreign exchange & gold: $111.6 billion (2006
est.)
Debt - external: $4.489 trillion (30 June 2007)
Economic aid - donor: ODA, $5.6 billion (1998)
Exchange rates: euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345
(2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)
Fiscal year: calendar year
This information comes from the CIA
World Factbook June 2009.
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