Markets Actual Q4 Q1 Q2 Q3 2021
Currency 1.17 1.17 1.16 1.16 1.15 1.15
Stock Market (points) 12908.99 12469 12176 11892 11613 11057
Government Bond 10Y (%) -0.62 0.06 0.13 0.2 0.29 0.45

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -9.70 2 1.5 1.4 0.8 1.4
GDP Annual Growth Rate (%) -11.30 -6 -2 9.2 7.9 6.5
Unemployment Rate (%) 4.40 4.5 4.4 4 3.8 3.6
Inflation Rate (%) -0.20 0.3 1 1.4 1.2 1.3
Inflation Rate Mom (%) -0.20 0.2 0.3 0.4 0.4 0.5
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) 12751.00 9400 15400 17600 1800 6800
Current Account (EUR Million) 16500.00 17400 25200 18900 22500 19100
Current Account to GDP (%) 7.10 5.9 6.8 6.8 6.8 6.8
Government Debt to GDP (%) 59.80 75 72 72 72 72
Government Budget (% of GDP) 1.40 -7 -2 -2 -2 -2
Business Confidence (points) 93.40 90 94 95 97 100
Services PMI (points) 50.60 49 52 54.7 53.2 53
Manufacturing PMI (points) 56.40 50 51 55 53.6 52
Consumer Confidence (points) -1.60 -1.3 3.2 4 5.1 6.4
Retail Sales MoM (%) 3.10 -0.3 1.1 0.9 -1.2 0.5
Corporate Tax Rate (%) 30.00 29.79 30 30 30 29.79
Personal Income Tax Rate (%) 45.00 47.5 45 45 45 47.5

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -9.70 2 1.5 1.4 0.8 1.4
GDP Annual Growth Rate (%) -11.30 -6 -2 9.2 7.9 6.5
GDP (USD Billion) 3845.63 3400 3700 3700 3700 3700
GDP Constant Prices (EUR Billion) 716.31 767 761 777 782 783
Gross National Product (EUR Billion) 804.49 897 838 868 879 916
Gross Fixed Capital Formation (EUR Billion) 156.92 159 161 167 171 162
GDP per capita (USD) 47628.00 46500 47200 47200 47200 47200
GDP per capita PPP (USD) 53815.40 50900 51600 51600 51600 51600
GDP From Agriculture (EUR Billion) 5.79 6.18 5.49 5.67 6.32 6.31
GDP From Construction (EUR Billion) 44.48 47.14 44.98 37.77 48.58 48.13
GDP From Manufacturing (EUR Billion) 132.65 177 155 154 145 181
GDP From Public Administration (EUR Billion) 135.24 150 145 146 148 153
GDP From Services (EUR Billion) 111.67 130 121 116 122 133

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 4.40 4.5 4.4 4 3.8 3.6
Employed Persons (Thousand ) 44640.00 40900 41400 42000 42250 42500
Unemployed Persons (Thousand ) 2847.15 3780 3700 3680 3450 3290
Unemployment Change (Thousand) -8.00 15 -60 -20 -36 -40
Long Term Unemployment Rate (%) 1.10 3 2.4 2.3 2.2 2.1
Youth Unemployment Rate (%) 5.80 6.9 6.6 6.5 6.1 7.4
Labour Costs (points) 117.67 120 109 111 118 122
Productivity (points) 93.30 76 78 79 79 84
Job Vacancies (Thousand) 590.73 440 460 510 510 570
Wages (EUR/Month) 4021.00 4033 4019 4029 4045 4113
Wages in Manufacturing (points) 167.80 119 101 102 102 121
Wage Growth (%) -4.70 -0.4 0.2 0.6 0.9 1.1
Minimum Wages (EUR/Hour) 9.35 9.35 9.5 9.5 9.5 9.5
Population (Million) 83.20 83.51 83.84 83.84 83.84 83.84
Retirement Age Women 65.75 65.75 65.83 65.83 65.83 65.83
Retirement Age Men 65.75 65.75 65.83 65.83 65.83 65.83
Labor Force Participation Rate (%) 62.60 60 60.6 61 61.5 61.7
Employment Change (%) -1.40 -0.7 0.5 0.4 0.5 0.6
Employment Rate (%) 75.80 73.6 74.2 74.7 74.9 75

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) -0.20 0.3 1 1.4 1.2 1.3
Inflation Rate Mom (%) -0.20 0.2 0.3 0.4 0.4 0.5
Consumer Price Index CPI (points) 105.80 106 107 108 107 108
Harmonised Consumer Prices (points) 105.80 106 107 108 107 108
Core Consumer Prices (points) 106.70 108 106 106 108 110
Core Inflation Rate (%) 0.60 0.4 0.7 1 0.9 1.4
Producer Prices (points) 103.20 105 105 105 104 106
Producer Prices Change (%) -1.20 0.3 0.8 1.5 1.2 1.4
Import Prices (points) 96.50 96 99 102 103 105
Food Inflation (%) 0.60 0.9 1.2 1.4 1.3 1.5
CPI Housing Utilities (points) 105.20 106 107 107 106 107
CPI Transportation (points) 103.60 107 106 106 105 109

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.49 -0.06 -0.48 -0.48 -0.48 0.44
Money Supply M2 (EUR Billion) 3349.10 4000 3890 3800 3710 3620
Foreign Exchange Reserves (EUR Million) 227150.00 231000 231000 233000 234000 236000
Banks Balance Sheet (EUR Billion) 9126.22 9500 9480 9510 9480 9460
Loans to Private Sector (EUR Billion) 1598.86 1850 1840 1880 1910 1900
Private Debt to GDP (%) 154.10 165 163 163 163 163
Central Bank Balance Sheet (EUR Billion) 2293.30 2580 2490 2500 2650 2970

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (EUR Million) 12751.00 9400 15400 17600 1800 6800
Current Account (EUR Million) 16500.00 17400 25200 18900 22500 19100
Current Account to GDP (%) 7.10 5.9 6.8 6.8 6.8 6.8
Imports (EUR Million) 78460.00 76900 88600 87600 83200 91900
Exports (EUR Million) 91211.00 92300 106200 89400 109900 95700
External Debt (EUR Million) 5371451.00 5366000 5426000 5491000 5445000 5420000
Capital Flows (EUR Million) 36331.44 14800 10800 9500 14500 12500
Foreign Direct Investment (EUR Million) 9894.64 -2130 4500 2300 4500 5200
Gold Reserves (Tonnes) 3363.60 3400 3400 3400 3400 3400
Tourist Arrivals (Thousand) 1879.48 1140 1150 2100 2900 2250

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 59.80 75 72 72 72 72
Government Budget (% of GDP) 1.40 -7 -2 -2 -2 -2
Government Budget Value (EUR Billion) -1.74 4 -38 12 -19 6
Government Spending (EUR Billion) 168.84 179 178 180 178 179
Government Spending to GDP (%) 45.40 55 46 46 46 46
Government Revenues (EUR Billion) 380.01 387 392 377 372 402
Government Debt (EUR Million) 2108892.84 2060000 2070000 2050000 2070000 2080000
Fiscal Expenditure (EUR Billion) 381.75 425 380 396 404 415

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 30.00 29.79 30 30 30 29.79
Personal Income Tax Rate (%) 45.00 47.5 45 45 45 47.5
Sales Tax Rate (%) 16.00 16 19 19 19 19
Social Security Rate (%) 40.01 40.21 40.01 40.01 40.01 40.21
Social Security Rate For Companies (%) 19.88 19.43 19.88 19.88 19.88 19.43
Social Security Rate For Employees (%) 20.13 20.78 20.13 20.13 20.13 20.78

Business Actual Q4 Q1 Q2 Q3 2021
Business Confidence (points) 93.40 90 94 95 97 100
Services PMI (points) 50.60 49 52 54.7 53.2 53
Manufacturing PMI (points) 56.40 50 51 55 53.6 52
Composite Pmi (points) 54.70 49.4 51 54.9 53.3 53
Industrial Production (%) -9.60 -2 4.5 15.1 5.8 4.5
Industrial Production Mom (%) -0.20 -0.6 0.8 0.5 -0.8 0.6
Manufacturing Production (%) -11.90 -2.6 5.9 17.8 6.4 5.1
Capacity Utilization (%) 74.90 75 79 82 85 88
Factory Orders (%) 4.50 -1 1.1 0.5 -0.7 0.6
Bankruptcies (Companies) 1369.00 1910 1800 1850 1840 1750
Corporate Profits (EUR Billion) 148.45 158 168 162 166 165
Zew Economic Sentiment Index 56.10 2 1 15 11 5
Car Production (Units) 369300.00 205000 265000 174000 251000 234000
Car Registrations 265227.00 216000 219000 209000 187200 222000
Mining Production (%) -5.40 -1.8 5.1 13.8 4.5 4.2

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) -1.60 -1.3 3.2 4 5.1 6.4
Retail Sales MoM (%) 3.10 -0.3 1.1 0.9 -1.2 0.5
Retail Sales YoY (%) 3.70 -2 1.5 2.9 2.2 4.8
Consumer Spending (EUR Billion) 374.09 415 405 412 409 424
Disposable Personal Income (EUR Billion) 504.85 517 481 499 551 528
Personal Savings (%) 21.10 14 14.2 13.6 13 12
Consumer Credit (EUR Million) 235885.00 240724 223725 233446 257586 245779
Private Sector Credit (EUR Million) 3204924.00 3320000 3310000 3290000 3280000 3280000
Bank Lending Rate (%) 1.78 2.26 1.94 1.94 1.94 2.76
Households Debt To GDP (% of GDP) 54.60 67 65 65 65 65
Households Debt To Income (%) 83.73 94 91 91 91 91
Gasoline Prices (USD/Liter) 1.50 1.41 1.39 1.32 1.25 1.34

Housing Actual Q4 Q1 Q2 Q3 2021
Construction Output (%) -1.80 -1.2 4.9 11.5 3.8 3.8
Housing Index (points) 183.90 170 172 174 176 177
Home Ownership Rate (%) 51.50 51 50.9 50.9 50.9 50.9
Building Permits 27733.00 22700 25400 22800 20200 26400
Construction Pmi (points) 45.50 51 50.5 54.5 53.2 52.5
Construction Orders (%) 1.20 -2 2.5 4 2.7 4.5


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.