Markets Actual Q1 Q2 Q3 Q4 2022
Currency 1.21 1.21 1.2 1.2 1.2 1.19
Stock Market (points) 13766.49 13661 13341 13029 12724 12114
Government Bond 10Y (%) -0.57 0.06 0.12 0.18 0.26 0.4

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 8.50 -1.7 4.5 1.8 1.1 0.6
GDP Annual Growth Rate (%) -4.00 -2 9.2 4.9 2.5 2.5
Unemployment Rate (%) 4.50 5.4 5.1 4.8 4.2 3.4
Inflation Rate (%) -0.30 0.5 1.2 1.2 1.3 1.6
Inflation Rate Mom (%) 0.50 0.3 0.4 0.4 0.5 0.6
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) 17153.00 9400 17600 1800 6800 6800
Current Account (EUR Million) 21300.00 25200 18900 22500 19100 18500
Current Account to GDP (%) 7.10 6.8 6.8 6.8 6.8 6.2
Government Debt to GDP (%) 59.80 72 72 72 72 69
Government Budget (% of GDP) -4.80 -2 -2 -2 -2 0.8
Business Confidence (points) 92.10 94 95 97 100 104
Services PMI (points) 47.00 52 54.7 53.2 53 53
Manufacturing PMI (points) 58.30 51 55 53.6 52 54
Consumer Confidence (points) -7.30 3.2 4 5.1 6.4 7.5
Retail Sales MoM (%) 1.90 1.1 0.9 -1.2 0.5 0.5
Corporate Tax Rate (%) 30.00 30 30 30 29.79 30
Personal Income Tax Rate (%) 45.00 45 45 45 47.5 45

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 8.50 -1.7 4.5 1.8 1.1 0.6
GDP Annual Growth Rate (%) -4.00 -2 9.2 4.9 2.5 2.5
GDP (USD Billion) 3845.63 3700 3700 3700 3700 4000
GDP Constant Prices (EUR Billion) 777.14 778 782 815 797 816
Gross National Product (EUR Billion) 863.55 869 874 906 885 907
Gross Fixed Capital Formation (EUR Billion) 164.96 167 174 173 169 173
GDP per capita (USD) 47628.00 47200 47200 47200 47200 48100
GDP per capita PPP (USD) 53815.40 51600 51600 51600 51600 52400
GDP From Agriculture (EUR Billion) 5.26 5.66 6.4 5.52 5.4 5.53
GDP From Construction (EUR Billion) 45.98 37.86 48.82 48.23 47.13 48.31
GDP From Manufacturing (EUR Billion) 148.03 154 141 155 152 156
GDP From Public Administration (EUR Billion) 148.87 146 149 156 153 156
GDP From Services (EUR Billion) 125.33 116 119 131 128 132

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 4.50 5.4 5.1 4.8 4.2 3.4
Employed Persons (Thousand ) 44507.00 42800 42000 42250 42500 44500
Unemployed Persons (Thousand ) 2707.24 3400 3280 3050 3000 2890
Unemployment Change (Thousand) -37.00 -60 -20 -36 -40 -40
Long Term Unemployment Rate (%) 1.10 2.4 2.3 2.2 2.1 1.6
Youth Unemployment Rate (%) 6.10 6.1 6.9 6.6 7.4 5.7
Labour Costs (points) 111.56 120 109 111 122 122
Productivity (points) 100.20 95 94 97 99 102
Job Vacancies (Thousand) 581.23 560 510 590 680 720
Wages (EUR/Month) 3978.00 4019 4029 3891 4113 4063
Wages in Manufacturing (points) 101.70 101 102 102 121 102
Wage Growth (%) -1.30 0.2 0.6 0.9 1.1 1.5
Minimum Wages (EUR/Hour) 9.35 9.5 9.5 9.5 9.5 9.85
Population (Million) 83.20 83.84 83.84 83.84 83.84 84.17
Retirement Age Women 65.75 65.83 65.83 65.83 65.83 65.92
Retirement Age Men 65.75 65.83 65.83 65.83 65.83 65.92
Labor Force Participation Rate (%) 62.60 61.6 61 61.5 61.7 62.9
Employment Change (%) -1.40 0.5 0.4 0.5 0.6 0.6
Employment Rate (%) 76.40 74.2 74.7 74.9 75 76

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) -0.30 0.5 1.2 1.2 1.3 1.6
Inflation Rate Mom (%) 0.50 0.3 0.4 0.4 0.5 0.6
Consumer Price Index CPI (points) 105.50 106 108 107 106 108
Harmonised Consumer Prices (points) 105.30 106 108 107 111 108
Core Consumer Prices (points) 105.80 108 106 106 110 110
Core Inflation Rate (%) 0.50 0.7 1 0.9 1.4 1.6
Producer Prices (points) 103.90 105 105 105 105 107
Producer Prices Change (%) -0.50 0.8 1.5 1.2 1.4 1.4
Import Prices (points) 97.60 99 102 103 105 109
Food Inflation (%) 1.20 1.2 1.4 1.3 1.5 1.5
CPI Housing Utilities (points) 105.40 106 107 106 107 108
CPI Transportation (points) 103.10 106 106 105 104 106

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.54 -0.52 -0.52 -0.52 0.44 -0.52
Money Supply M2 (EUR Billion) 3410.80 3890 3800 3710 3620 3400
Foreign Exchange Reserves (EUR Million) 219127.00 219000 225000 234000 236000 234000
Banks Balance Sheet (EUR Billion) 9183.17 9340 9510 9480 9460 9100
Loans to Private Sector (EUR Billion) 1616.75 1740 1880 1910 1900 1750
Private Debt to GDP (%) 154.10 163 163 163 163 159
Central Bank Balance Sheet (EUR Billion) 2450.90 2490 2500 2650 2970 2860

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (EUR Million) 17153.00 9400 17600 1800 6800 6800
Current Account (EUR Million) 21300.00 25200 18900 22500 19100 18500
Current Account to GDP (%) 7.10 6.8 6.8 6.8 6.8 6.2
Imports (EUR Million) 94579.00 88600 87600 83200 91900 95900
Exports (EUR Million) 111732.00 106200 89400 109900 95700 100500
External Debt (EUR Million) 5534326.00 5426000 5491000 5445000 5420000 5290000
Capital Flows (EUR Million) 14954.86 10800 9500 14500 12500 19500
Foreign Direct Investment (EUR Million) 29926.89 4500 2300 4500 5200 3600
Gold Reserves (Tonnes) 3362.45 3400 3400 3400 3400 3400
Tourist Arrivals (Thousand) 1365.84 1150 2100 2900 2250 2900

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 59.80 72 72 72 72 69
Government Budget (% of GDP) -4.80 -2 -2 -2 -2 0.8
Government Budget Value (EUR Billion) -1.74 4 -38 12 6 6
Government Spending (EUR Billion) 171.77 178 180 178 179 182
Government Spending to GDP (%) 45.40 46 46 46 46 44
Government Revenues (EUR Billion) 354.65 392 377 372 402 422
Government Debt (EUR Million) 2195135.94 2300000 2250000 2270000 2220000 2150000
Fiscal Expenditure (EUR Billion) 422.87 380 396 404 415 415

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 30.00 30 30 30 29.79 30
Personal Income Tax Rate (%) 45.00 45 45 45 47.5 45
Sales Tax Rate (%) 16.00 19 19 19 19 19
Social Security Rate (%) 40.01 40.01 40.01 40.01 40.21 40.01
Social Security Rate For Companies (%) 19.88 19.88 19.88 19.88 19.43 19.88
Social Security Rate For Employees (%) 20.13 20.13 20.13 20.13 20.78 20.13

Business Actual Q1 Q2 Q3 Q4 2022
Business Confidence (points) 92.10 94 95 97 100 104
Services PMI (points) 47.00 52 54.7 53.2 53 53
Manufacturing PMI (points) 58.30 51 55 53.6 52 54
Composite PMI (points) 52.00 51 54.9 53.3 53 54
Industrial Production (%) -2.60 4.5 15.1 5.8 4.5 2.3
Industrial Production Mom (%) 0.90 0.8 0.5 -0.8 0.6 0.6
Manufacturing Production (%) -3.60 5.9 17.8 6.4 5.1 3
Capacity Utilization (%) 79.80 79 82 85 88 85
Factory Orders (%) 2.30 1.1 0.5 -0.7 0.6 0.6
Bankruptcies (Companies) 1084.00 1800 1850 1840 1750 1750
Corporate Profits (EUR Billion) 163.31 168 162 166 165 165
Zew Economic Sentiment Index 55.00 1 15 11 5 9
Car Production (Units) 280800.00 265000 174000 251000 234000 275000
Car Registrations 311394.00 219000 209000 187200 222000 222000
Mining Production (%) -0.40 5.1 13.8 4.5 4.2 4.2

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) -7.30 3.2 4 5.1 6.4 7.5
Retail Sales MoM (%) 1.90 1.1 0.9 -1.2 0.5 0.5
Retail Sales YoY (%) 5.60 1.5 2.9 2.2 4.8 4.8
Consumer Spending (EUR Billion) 414.69 413 409 435 425 436
Disposable Personal Income (EUR Billion) 519.81 500 551 545 533 546
Personal Savings (%) 16.20 14.2 13.6 13 12 12
Consumer Credit (EUR Million) 237038.00 233446 257586 248653 242964 249038
Private Sector Credit (EUR Million) 3230970.00 3310000 3290000 3280000 3280000 3360000
Bank Lending Rate (%) 1.96 1.99 1.99 1.99 2.76 1.99
Households Debt To GDP (% of GDP) 56.40 65 65 65 65 62
Households Debt To Income (%) 84.70 91 91 91 91 88
Gasoline Prices (USD/Liter) 1.60 1.41 1.39 1.32 1.34 1.34

Housing Actual Q1 Q2 Q3 Q4 2022
Construction Output (%) 3.00 4.9 11.5 3.8 3.8 2
Housing Index (points) 188.21 182 177 179 185 190
Home Ownership Rate (%) 51.50 50.9 50.9 50.9 50.9 50.4
Building Permits 29071.00 25400 22800 20200 26400 30400
Construction PMI (points) 47.10 50.5 54.5 53.2 52.5 53.6
Construction Orders (%) -4.90 2.5 4 2.7 4.5 2.2


This page has economic forecasts for Germany including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Germany economy.