Markets Actual Q1 Q2 Q3 Q4 2021
Currency 1.10 1.1 1.1 1.09 1.09 1.08
Stock Market (points) 11935.92 11702 11565 11430 11296 11029
Government Bond 10Y (%) -0.55 0.05 0.1 0.16 0.23 0.36

Overview Actual Q1 Q2 Q3 Q4 2021
GDP Growth Rate (%) 0.00 0.2 0.2 0.2 0.3 0.4
GDP Annual Growth Rate (%) 0.40 0.2 0.4 0.7 0.9 1.1
Unemployment Rate (%) 3.20 3 3.2 3.3 3.4 3.5
Inflation Rate (%) 1.70 1.4 1.2 1.1 1.2 1.4
Inflation Rate Mom (%) -0.60 0.3 0.3 0.2 0.4 0.5
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) 15199.00 23000 17400 23900 9400 6800
Current Account (EUR Million) 29400.00 27800 22500 20800 15400 19100
Current Account to GDP (%) 7.60 6.8 6.8 6.8 6.8 6.4
Government Debt to GDP (%) 61.90 55.7 55.7 55.7 55.7 54.9
Government Budget (% of GDP) 1.50 0.7 0.7 0.7 0.7 0.3
Business Confidence (points) 96.10 95 97 99 101 102
Services PMI (points) 53.30 52.3 52.9 52.6 53.2 54
Manufacturing PMI (points) 47.80 47 50.8 52.4 52.7 54
Consumer Confidence (points) 9.80 9.7 9.5 9.2 9 8.5
Retail Sales MoM (%) -3.30 0.5 -0.4 0.4 0.2 0.4
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 45.00 45 45 45 45 45

GDP Actual Q1 Q2 Q3 Q4 2021
GDP Growth Rate (%) 0.00 0.2 0.2 0.2 0.3 0.4
GDP Annual Growth Rate (%) 0.40 0.2 0.4 0.7 0.9 1.1
GDP (USD Billion) 3996.76 4070 4070 4070 4070 4110
GDP Constant Prices (EUR Billion) 811.96 813 811 814 819 828
Gross National Product (EUR Billion) 890.60 877 880 891 899 908
Gross Fixed Capital Formation (EUR Billion) 171.19 172 172 172 173 175
GDP per capita (USD) 47501.80 49500 49500 49500 49500 50500
GDP per capita PPP (USD) 45959.40 46900 46900 46900 46900 47500
GDP From Agriculture (EUR Billion) 6.35 6.7 7.15 7.14 6.41 6.48
GDP From Construction (EUR Billion) 49.28 34.9 42.21 45.53 49.72 50.27
GDP From Manufacturing (EUR Billion) 166.45 166 167 167 168 170
GDP From Public Administration (EUR Billion) 155.19 143 140 144 157 158
GDP From Services (EUR Billion) 128.67 118 128 128 130 131

Labour Actual Q1 Q2 Q3 Q4 2021
Unemployment Rate (%) 3.20 3 3.2 3.3 3.4 3.5
Employed Persons (Thousand ) 45210.00 45500 45500 45500 45900 46500
Unemployed Persons (Thousand ) 2425.52 2690 2690 2690 2710 2770
Unemployment Change (Thousand) -10.00 9 20 11 15 19
Long Term Unemployment Rate (%) 1.20 1.2 1.2 1.2 1.2 1.2
Youth Unemployment Rate (%) 5.60 5.8 5.8 5.8 5.8 5.8
Labour Costs (points) 108.96 119 110 111 111 113
Productivity (points) 95.10 101 102 103 104 107
Job Vacancies (Thousand) 668.06 645 645 645 640 620
Wages (EUR/Month) 4012.00 3999 4065 4057 4061 4138
Wages in Manufacturing (points) 101.00 102 104 102 103 105
Wage Growth (%) 1.90 1.7 1.7 1.5 1.6 1.9
Minimum Wages (EUR/Hour) 9.35 9.35 9.35 9.35 9.35 9.5
Population (Million) 83.20 83.51 83.51 83.51 83.51 83.84
Retirement Age Women 65.67 65.75 65.75 65.75 65.75 65.83
Retirement Age Men 65.67 65.75 65.75 65.75 65.75 65.83
Labor Force Participation Rate (%) 62.00 63.2 63.2 63.4 63.6 63.6
Living Wage Family (EUR/Month) 1990.00 2024 2024 2020 2022 2060
Living Wage Individual (EUR/Month) 1240.00 1261 1261 1259 1260 1284
Part Time Employment (Thousand) 11230.10 12700 12700 12700 13500 14000
Wages Low Skilled (EUR/Month) 2050.00 2085 2085 2081 2083 2122
Wages High Skilled (EUR/Month) 3550.00 3610 3610 3603 3607 3675
Employment Change (%) 0.10 0.4 0.3 0.2 0.1 0.2
Employment Rate (%) 77.00 75.5 75.4 75.3 75.4 75.2
Full Time Employment (Thousand) 29916.60 32000 32000 32000 32500 33200

Prices Actual Q1 Q2 Q3 Q4 2021
Inflation Rate (%) 1.70 1.4 1.2 1.1 1.2 1.4
Inflation Rate Mom (%) -0.60 0.3 0.3 0.2 0.4 0.5
Consumer Price Index CPI (points) 105.20 106 107 107 107 109
Harmonised Consumer Prices (points) 105.10 106 107 107 107 109
Core Consumer Prices (points) 104.80 106 107 108 107 109
Core Inflation Rate (%) 1.50 1.5 1.5 1.6 1.8 1.9
Producer Prices (points) 105.30 107 106 106 109 111
Producer Prices Change (%) 0.20 0.6 1 0.9 1.2 1.6
Export Prices (points) 102.50 105 105 105 107 108
Import Prices (points) 101.30 107 107 107 109 111
Food Inflation (%) 2.40 1.5 1.4 1.4 1.6 1.7
CPI Housing Utilities (points) 106.00 106 106 106 107 108
CPI Transportation (points) 107.20 107 109 108 108 110

Money Actual Q1 Q2 Q3 Q4 2021
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.39 -0.4 -0.4 -0.4 -0.4 -0.4
Money Supply M2 (EUR Billion) 3146.20 3290 3340 3340 3440 3520
Foreign Exchange Reserves (EUR Million) 209432.00 208000 207000 209000 211000 219000
Banks Balance Sheet (EUR Billion) 8542.42 8820 9110 9290 9500 10100
Loans to Private Sector (EUR Billion) 1560.54 1514 1542 1543 1554 1571
Private Debt to GDP (%) 154.10 132 132 132 132 127
Central Bank Balance Sheet (EUR Billion) 1765.30 1910 2140 2370 2580 2970

Trade Actual Q1 Q2 Q3 Q4 2021
Balance of Trade (EUR Million) 15199.00 23000 17400 23900 9400 6800
Current Account (EUR Million) 29400.00 27800 22500 20800 15400 19100
Current Account to GDP (%) 7.60 6.8 6.8 6.8 6.8 6.4
Imports (EUR Million) 82768.00 91500 90100 88900 82900 88900
Exports (EUR Million) 97967.00 114500 107500 112800 92300 95700
External Debt (EUR Million) 5164628.00 5154000 5164000 5122000 5196000 5250000
Capital Flows (EUR Million) 19624.35 25900 25900 25900 14800 12500
Foreign Direct Investment (EUR Million) -24477.72 14500 9800 8200 2130 1500
Gold Reserves (Tonnes) 3366.77 3400 3400 3400 3400 3400
Terms Of Trade (points) 100.79 98.13 98.13 98.13 98.17 97.3
Tourist Arrivals (Thousand) 38881.00 36100 36100 36100 36100 42100
Crude Oil Production (BBL/D/1K) 37.00 44 44 44 44 44

Government Actual Q1 Q2 Q3 Q4 2021
Government Debt to GDP (%) 61.90 55.7 55.7 55.7 55.7 54.9
Government Budget (% of GDP) 1.50 0.7 0.7 0.7 0.7 0.3
Government Budget Value (EUR Billion) 7.09 9 9 16 4 6
Government Spending (EUR Billion) 165.93 163 164 166 167 169
Government Spending to GDP (%) 43.90 44.7 44.7 44.7 44.7 44.6
Government Revenues (EUR Billion) 383.95 401 401 402 405 415
Government Debt (EUR Million) 1930352.07 1970000 1980000 2010000 1990000 2050000
Fiscal Expenditure (EUR Billion) 376.86 392 392 386 401 409
Asylum Applications 8355.00 9500 9500 9500 1900 1200

Taxes Actual Q1 Q2 Q3 Q4 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 (%) 19.00 19 19 19 19 19
Social Security Rate (%) 39.06 39.06 39.06 39.06 39.06 39.06
Social Security Rate For Companies (%) 19.44 19.44 19.44 19.44 19.44 19.44
Social Security Rate For Employees (%) 19.63 19.63 19.63 19.63 19.63 19.63

Business Actual Q1 Q2 Q3 Q4 2021
Business Confidence (points) 96.10 95 97 99 101 102
Services PMI (points) 53.30 52.3 52.9 52.6 53.2 54
Manufacturing PMI (points) 47.80 47 50.8 52.4 52.7 54
Composite Pmi (points) 51.10 50 52.3 52 52.9 54.5
Industrial Production (%) -6.80 -0.6 1.4 1.2 1.1 1.5
Industrial Production Mom (%) -3.50 -0.4 0.4 -0.6 0.6 0.5
Manufacturing Production (%) -7.60 -1 0.7 0.9 1 1.7
Capacity Utilization (%) 83.10 86.2 86.2 86.2 86.2 86
New Orders (points) 98.70 108 108 108 111 112
Factory Orders (%) -2.10 -0.7 1 -1.2 0.6 0.5
Bankruptcies (Companies) 1413.00 1750 1750 1750 1750 1690
Corporate Profits (EUR Billion) 174.78 167 168 169 170 174
Zew Economic Sentiment Index 8.70 12 -4 -8 -4 -3
Car Production (Units) 341600.00 425000 360000 342000 285000 295000
Car Registrations 246300.00 332000 326000 199100 236000 245000
Mining Production (%) -7.90 -6 -2 1.5 2.5 2.1
Steel Production (Thousand Tonnes) 2850.00 3760 3680 3290 3050 3200

Consumer Actual Q1 Q2 Q3 Q4 2021
Consumer Confidence (points) 9.80 9.7 9.5 9.2 9 8.5
Retail Sales MoM (%) -3.30 0.5 -0.4 0.4 0.2 0.4
Retail Sales YoY (%) 0.80 1 1.5 1.7 1.5 1.5
Consumer Spending (EUR Billion) 428.55 427 427 429 432 437
Disposable Personal Income (EUR Billion) 508.45 497 503 508 513 519
Personal Savings (%) 11.20 10.8 10.9 11 11.2 11.5
Consumer Credit (EUR Million) 238005.00 234597 236164 238017 239601 242237
Private Sector Credit (EUR Million) 3105766.00 2998896 3049251 3084249 3133718 3168189
Bank Lending Rate (%) 2.10 1.93 1.93 1.93 1.93 1.93
Gasoline Prices (USD/Liter) 1.55 1.16 1.19 1.22 1.26 1.26
Households Debt To GDP (% of GDP) 54.00 56 56 56 56 55
Households Debt To Income (%) 83.73 75 75 75 75 72

Housing Actual Q1 Q2 Q3 Q4 2021
Construction Output (%) -4.20 2.2 1.8 1.5 1.4 1.9
Housing Index (points) 171.87 175 178 181 185 190
Building Permits 26954.00 21500 22100 25900 29700 32400
Construction Pmi (points) 54.90 53.6 52.9 52.5 52 52.5
Construction Orders (%) 9.10 2.4 1 1.2 1.1 1.6
Home Ownership Rate (%) 51.50 51 51 51 51 50.9


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.