Markets Actual Q3 Q4 Q1 Q2 2021
Currency 1.13 1.13 1.12 1.12 1.11 1.11
Stock Market (points) 12733.45 12476 12184 11899 11621 11064
Government Bond 10Y (%) -0.43 0.04 0.09 0.14 0.2 0.31

Overview Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -2.20 4.2 2 1.5 1.4 1.4
GDP Annual Growth Rate (%) -2.30 -8.8 -6 -2 9.2 6.5
Unemployment Rate (%) 3.90 4.5 4.5 4.4 4 3.6
Inflation Rate (%) 0.90 -0.2 0.3 1 1.4 1.3
Inflation Rate Mom (%) 0.60 -0.4 0.2 0.3 0.4 0.5
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) 3500.00 27900 15400 17600 1800 3800
Current Account (EUR Million) 7700.00 20800 17400 25200 18900 19100
Current Account to GDP (%) 7.10 5.9 5.9 6.8 6.8 6.8
Government Debt to GDP (%) 59.80 75 75 72 72 72
Government Budget (% of GDP) 1.40 -7 -7 -2 -2 -2
Business Confidence (points) 86.20 85 90 94 95 100
Services PMI (points) 47.30 45 49 52 55 53
Manufacturing PMI (points) 45.20 48 50 51 56 52
Consumer Confidence (points) -9.60 -2.2 -1.3 3.2 4 6.4
Retail Sales MoM (%) 13.90 -0.8 -0.3 1.1 0.9 0.5
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 45.00 45 45 45 45 45

GDP Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -2.20 4.2 2 1.5 1.4 1.4
GDP Annual Growth Rate (%) -2.30 -8.8 -6 -2 9.2 6.5
GDP (USD Billion) 3845.63 3400 3400 3700 3700 3700
GDP Constant Prices (EUR Billion) 793.41 788 763 778 866 812
Gross National Product (EUR Billion) 881.18 863 836 864 962 890
Gross Fixed Capital Formation (EUR Billion) 170.48 166 161 167 186 171
GDP per capita (USD) 47628.00 46500 46500 47200 47200 47200
GDP per capita PPP (USD) 53815.40 50900 50900 51600 51600 51600
GDP From Agriculture (EUR Billion) 6.74 7.17 6.22 6.61 7.36 6.62
GDP From Construction (EUR Billion) 38.78 44.07 46.07 38 42.34 49.07
GDP From Manufacturing (EUR Billion) 159.68 162 157 156 174 167
GDP From Public Administration (EUR Billion) 148.90 140 145 146 163 155
GDP From Services (EUR Billion) 115.74 124 120 113 126 128

Labour Actual Q3 Q4 Q1 Q2 2021
Unemployment Rate (%) 3.90 4.5 4.5 4.4 4 3.6
Employed Persons (Thousand ) 44596.00 41100 40900 41400 42000 42500
Unemployed Persons (Thousand ) 2853.31 3620 3780 3700 3680 3290
Unemployment Change (Thousand) 69.00 51 15 -60 -20 -40
Long Term Unemployment Rate (%) 1.10 2.6 3 2.4 2.3 2.1
Youth Unemployment Rate (%) 5.40 5.4 5.4 5.3 4.9 4.9
Labour Costs (points) 111.20 107 109 111 112 110
Productivity (points) 81.90 74 76 78 79 84
Job Vacancies (Thousand) 570.35 420 440 460 510 570
Wages (EUR/Month) 4035.00 3948 4019 4043 4059 4063
Wages in Manufacturing (points) 101.20 99.29 101 102 102 102
Wage Growth (%) 0.40 -1.6 -0.4 0.2 0.6 1.1
Minimum Wages (EUR/Hour) 9.35 9.35 9.35 9.5 9.5 9.5
Population (Million) 83.20 83.51 83.51 83.84 83.84 83.84
Retirement Age Women 65.75 65.75 65.75 65.83 65.83 65.83
Retirement Age Men 65.75 65.75 65.75 65.83 65.83 65.83
Labor Force Participation Rate (%) 62.60 60.2 60 60.6 61 61.7
Employment Change (%) 0.00 0.6 -0.7 0.5 0.4 0.6
Employment Rate (%) 77.00 73.6 73.6 74.2 74.7 75

Prices Actual Q3 Q4 Q1 Q2 2021
Inflation Rate (%) 0.90 -0.2 0.3 1 1.4 1.3
Inflation Rate Mom (%) 0.60 -0.4 0.2 0.3 0.4 0.5
Consumer Price Index CPI (points) 106.60 106 106 107 108 108
Harmonised Consumer Prices (points) 106.90 106 106 107 108 108
Core Consumer Prices (points) 106.50 106 106 106 108 108
Core Inflation Rate (%) 1.20 0.2 0.4 0.7 1 1.4
Producer Prices (points) 103.00 104 105 105 105 106
Producer Prices Change (%) -2.20 -0.8 0.3 0.8 1.5 1.4
Import Prices (points) 95.50 92 96 99 102 105
Food Inflation (%) 4.20 0.5 0.9 1.2 1.4 1.5
CPI Housing Utilities (points) 105.80 105 106 107 107 107
CPI Transportation (points) 103.10 106 107 106 105 109

Money Actual Q3 Q4 Q1 Q2 2021
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.38 -0.27 -0.27 -0.27 -0.27 -0.27
Money Supply M2 (EUR Billion) 3315.20 3780 4000 3890 3800 3620
Foreign Exchange Reserves (EUR Million) 223125.00 229000 231000 231000 233000 236000
Banks Balance Sheet (EUR Billion) 9064.22 9290 9500 9480 9510 9460
Loans to Private Sector (EUR Billion) 1598.86 1790 1850 1840 1880 1900
Private Debt to GDP (%) 154.10 165 165 163 163 163
Central Bank Balance Sheet (EUR Billion) 1979.80 2370 2580 2490 2500 2970

Trade Actual Q3 Q4 Q1 Q2 2021
Balance of Trade (EUR Million) 3500.00 27900 15400 17600 1800 3800
Current Account (EUR Million) 7700.00 20800 17400 25200 18900 19100
Current Account to GDP (%) 7.10 5.9 5.9 6.8 6.8 6.8
Imports (EUR Million) 72200.00 79900 76900 88600 87600 91900
Exports (EUR Million) 75700.00 107800 92300 106200 89400 95700
External Debt (EUR Million) 5202055.00 5122000 5196000 5256000 5291000 5360000
Capital Flows (EUR Million) 8989.76 12900 14800 10800 9500 12500
Foreign Direct Investment (EUR Million) -10907.33 -8200 -2130 4500 2300 5200
Gold Reserves (Tonnes) 3364.20 3400 3400 3400 3400 3400
Tourist Arrivals (Thousand) 38881.00 22000 22000 28100 28100 28100

Government Actual Q3 Q4 Q1 Q2 2021
Government Debt to GDP (%) 59.80 75 75 72 72 72
Government Budget (% of GDP) 1.40 -7 -7 -2 -2 -2
Government Budget Value (EUR Billion) 7.09 -44 -38 12 -19 -13
Government Spending (EUR Billion) 166.26 175 179 178 180 179
Government Spending to GDP (%) 45.40 55 55 46 46 46
Government Revenues (EUR Billion) 418.79 364 387 392 377 402
Government Debt (EUR Million) 1955357.52 2010000 2060000 2070000 2050000 2080000
Fiscal Expenditure (EUR Billion) 413.51 408 425 380 396 415

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

Business Actual Q3 Q4 Q1 Q2 2021
Business Confidence (points) 86.20 85 90 94 95 100
Services PMI (points) 47.30 45 49 52 55 53
Manufacturing PMI (points) 45.20 48 50 51 56 52
Composite Pmi (points) 47.00 47 49.4 51 55.5 53
Industrial Production (%) -25.30 -6.4 -2 4.5 15.1 4.5
Industrial Production Mom (%) -17.90 -1 -0.6 0.8 0.5 0.6
Manufacturing Production (%) -31.20 -7 -2.6 5.9 17.8 5.1
Capacity Utilization (%) 70.60 77 75 79 82 88
Factory Orders (%) 10.40 -1.2 -1 1.1 0.5 0.6
Bankruptcies (Companies) 1545.00 1920 1910 1800 1850 1750
Corporate Profits (EUR Billion) 169.17 159 158 168 162 165
Zew Economic Sentiment Index 63.40 5 2 1 15 5
Car Production (Units) 300800.00 222000 205000 265000 174000 234000
Car Registrations 220272.00 175100 216000 219000 209000 222000
Mining Production (%) -12.10 -5.6 -1.8 5.1 13.8 4.2
Steel Production (Thousand Tonnes) 2850.00 3290 3050 3050 3050 3200

Consumer Actual Q3 Q4 Q1 Q2 2021
Consumer Confidence (points) -9.60 -2.2 -1.3 3.2 4 6.4
Retail Sales MoM (%) 13.90 -0.8 -0.3 1.1 0.9 0.5
Retail Sales YoY (%) 3.80 -2.4 -2 1.5 2.9 4.8
Consumer Spending (EUR Billion) 414.62 416 403 406 453 429
Disposable Personal Income (EUR Billion) 503.41 492 478 493 550 509
Personal Savings (%) 12.40 14.4 14 14.2 13.6 12
Consumer Credit (EUR Million) 238210.00 230499 223725 233446 260125 238267
Private Sector Credit (EUR Million) 3185947.00 3260000 3320000 3310000 3290000 3280000
Bank Lending Rate (%) 1.83 1.9 1.9 1.9 1.9 1.9
Households Debt To GDP (% of GDP) 54.40 67 67 65 65 65
Households Debt To Income (%) 83.73 94 94 91 91 91
Gasoline Prices (USD/Liter) 1.46 1.39 1.32 1.25 1.19 1.13

Housing Actual Q3 Q4 Q1 Q2 2021
Construction Output (%) 0.90 -4.8 -1.2 4.9 11.5 3.8
Housing Index (points) 177.51 169 170 172 174 177
Home Ownership Rate (%) 51.50 51 51 50.9 50.9 50.9
Building Permits 27043.00 17900 22700 25400 22800 26400
Construction Pmi (points) 41.30 50 51 50.5 54.5 52.5
Construction Orders (%) -5.30 -3.2 -2 2.5 4 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.