|
|
|
       
| |
|
|
Germany:
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other pages in this profile of Germany:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
| |
Economy - overview |
Definition Germany's affluent and technologically powerful economy - the fifth largest in the world in PPP terms - showed considerable improvement in 2007 with 2.6% growth. After a long period of stagnation with an average growth rate of 0.7% between 2001-05 and chronically high unemployment, stronger growth led to a considerable fall in unemployment to about 8% near the end of 2007. Among the most important reasons for Germany's high unemployment during the past decade were macroeconomic stagnation, the declining level of investment in plant and equipment, company restructuring, flat domestic consumption, structural rigidities in the labor market, lack of competition in the service sector, and high interest rates. The modernization and integration of the eastern German economy continues to be a costly long-term process, with annual transfers from west to east amounting to roughly $80 billion. The former government of Chancellor Gerhard SCHROEDER launched a comprehensive set of reforms of labor market and welfare-related institutions. 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. 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 pushed Germany's budget deficit well below the EU's 3% debt limit. Corporate restructuring and growing capital markets are setting the foundations that could help Germany meet the long-term challenges of European economic integration and globalization, although some economists continue to argue the need for change in inflexible labor and services markets. Growth may fall below 2% in 2008 as the strong euro, high oil prices, tighter credit markets, and slowing growth abroad take their toll. |
GDP (purchasing power parity) |
Definition - World rank and map $2.81 trillion (2007 est.) |
GDP (official exchange rate) |
Definition $3.322 trillion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 2.5% (2007 est.) |
GDP - per capita |
Definition - World rank and map $34,200 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 0.8% industry: 29% services: 70.1% (2007 est.) |
Labor force |
Definition 43.51 million (2007 est.) |
Labor force - by occupation |
Definition agriculture: 2.8% industry: 33.4% services: 63.8% (1999) |
Unemployment rate |
Definition - World rank and map 8.4% 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% (2007 est.) |
Population below poverty line |
Definition 11% (2001 est.) |
Household income or consumption by percentage share |
Definition lowest 10%: 3.2% highest 10%: 22.1% (2000) |
Distribution of family income - Gini index |
Definition - World rank and map 28 (2005) |
Inflation rate (consumer prices) |
Definition - World rank and map 2.3% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 18.3% of GDP (2007 est.) |
Budget |
Definition revenues: $1.476 trillion expenditures: $1.473 trillion (2007 est.) |
Public debt |
Definition - World rank and map 63.2% of GDP (2007 est.) |
Agriculture - products |
Definition potatoes, wheat, barley, sugar beets, fruit, cabbages; cattle, pigs, poultry |
Industries |
Definition 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 |
Definition - World rank and map 2.1% (2007 est.) |
Electricity - production |
Definition - World rank and map 579.4 billion kWh (2005) |
Electricity - consumption |
Definition - World rank and map 545.5 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 6,622.6 kWh (2005) |
Electricity - exports |
Definition 61.43 billion kWh (2005) |
Electricity - imports |
Definition 56.86 billion kWh (2005) |
Oil - production |
Definition - World rank and map 141,700 bbl/day (2005) |
Oil - consumption |
Definition - World rank and map 2.618 million bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 31.8 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 518,700 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 2.953 million bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 367.2 million bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 19.9 billion cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 96.84 billion cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 1,176 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 9.42 billion cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 86.99 billion cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 246.5 billion cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map $185 billion (2007 est.) |
Exports |
Definition - World rank and map $1.334 trillion f.o.b. (2007 est.) |
Exports - commodities |
Definition machinery, vehicles, chemicals, metals and manufactures, foodstuffs, textiles |
Exports - partners |
Definition France 9.7%, US 7.5%, UK 7.3%, Italy 6.7%, Netherlands 6.4%, Austria 5.4%, Belgium 5.3%, Spain 5% (2006) |
Imports |
Definition - World rank and map $1.089 trillion f.o.b. (2007 est.) |
Imports - commodities |
Definition machinery, vehicles, chemicals, foodstuffs, textiles, metals |
Imports - partners |
Definition Netherlands 12%, France 8.6%, Belgium 7.8%, China 6.2%, Italy 5.8%, UK 5.6%, US 4.5%, Austria 4.4% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $136.2 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $4.489 trillion (30 June 2007) |
Stock of direct foreign investment - at home |
Definition $811 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $1.123 trillion (2007 est.) |
Market value of publicly traded shares |
Definition $1.221 trillion (2005) |
Economic aid - donor |
Definition ODA, $10.44 billion (2006) |
Currency (code) |
Definition euro (EUR) |
Exchange rates |
Definition euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003) |
Fiscal year |
Definition calendar year |
|
Copyright 2008 World Sites Atlas (sitesatlas.com) |