A brief guide to Germany economy, Germany economy overview, Inflation rates GDP and other economic indicators in Germany.

February 2024

The German economy is the third largest in the world after the United States and China.
The German GDP is approximately 1/4 of the entire European GDP.

Trade:

• Germany primarily trades with EU member states, with key partners including:
  • France
  • Netherlands
  • Italy
  • Poland
  • Czech Republic
• The United States remains a significant trading partner outside the EU.

Resources:

• Germany possesses resources like:
  • Coal
  • Timber
  • Iron
  • Copper
  • Natural gas
  • Salt

Economic Indicators (2023):

• GDP growth: 0.3% (revised downward from initial projections)
• Inflation rate: 3.1% (significantly lower than pre-2023 peaks)
• GDP composition:
  • Services: 73%
  • Industry: 26%
  • Agriculture: 1%
• Unemployment rate: 5.3% (decrease from previous years)
• GDP per capita (PPP): $48,600 (significantly higher than world average)
• Public debt: 78.2% of GDP (showing slight improvement)
• Budget deficit: 0.8% of GDP (improved since 2011)

Challenges:

• Germany faces potential recession in 2024 due to various factors, including:
  • Global economic slowdown
  • High energy prices
  • Geopolitical uncertainties
• Labor shortages continue to impact certain industries.