Markets Actual Q4 Q1 Q2 Q3 2022
Currency 1.16 1.16 1.15 1.15 1.15 1.14
Stock Market (points) 15746.00 15164 14773 14392 14020 13306
Government Bond 10Y (%) -0.12 0.01 0.02 0.04 0.05 0.06
7 Year Note Yield (%) -0.30 0.02 0.04 0.06 0.08 0.09

Overview Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 1.60 0.5 1.1 0.8 0.7 0.5
GDP Annual Growth Rate (%) 9.40 4.5 4 5.5 3.6 1.7
Unemployment Rate (%) 3.60 3.8 4 3.8 3.5 3.4
Inflation Rate (%) 4.10 3.6 2 1.8 1.7 1.8
Inflation Rate Mom (%) 0.00 0.5 0.4 0.3 -0.2 0.7
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) 10700.00 10800 19500 14700 15800 9200
Current Account (EUR Million) 11759.65 19100 24900 21500 23600 18500
Current Account to GDP (% of GDP) 7.00 7.8 6.9 6.9 6.9 6.9
Government Debt to GDP (% of GDP) 69.80 73 72 72 72 72
Government Budget (% of GDP) -4.20 -7.5 -2 -2 -2 -2
Business Confidence (points) 97.70 97.1 101 105 104 106
Manufacturing PMI (points) 58.20 55 54 54.5 54.2 54.8
Services PMI (points) 52.40 55 53.6 54 54.2 54.5
Consumer Confidence (points) 0.30 2 7 5.8 6.2 7.5
Retail Sales MoM (%) 1.10 0.5 1 0.7 -1 0.6
Corporate Tax Rate (%) 30.00 29.79 30 30 30 30
Personal Income Tax Rate (%) 45.00 47.5 45 45 45 45

GDP Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) 1.60 0.5 1.1 0.8 0.7 0.5
GDP Annual Growth Rate (%) 9.40 4.5 4 5.5 3.6 1.7
GDP (USD Billion) 3806.06 3960 4200 4200 4200 4200
GDP Constant Prices (EUR Billion) 786.26 825 805 830 815 839
Gross National Product (EUR Billion) 896.02 927 918 945 928 943
Gross Fixed Capital Formation (EUR Billion) 168.59 177 174 178 175 180
GDP per capita (USD) 45065.08 46800 48100 48100 48100 48100
GDP per capita PPP (USD) 50922.36 52600 53200 53200 53200 53200
GDP From Agriculture (EUR Billion) 6.67 5.97 6.39 7.03 6.91 6.07
GDP From Construction (EUR Billion) 46.55 55.64 38.66 49.11 48.22 56.59
GDP From Manufacturing (EUR Billion) 162.80 171 168 172 169 174
GDP From Public Administration (EUR Billion) 147.09 164 157 155 152 167
GDP From Services (EUR Billion) 125.79 131 118 133 130 133

Labour Actual Q4 Q1 Q2 Q3 2022
Unemployment Rate (%) 3.60 3.8 4 3.8 3.5 3.4
Employed Persons (Thousand ) 44910.00 45000 45050 45100 45150 45200
Unemployed Persons (Thousand ) 2464.79 2500 2560 2600 2570 2470
Unemployment Change (Thousand) -30.00 -40 -22 -26 -28 -30
Long Term Unemployment Rate (%) 1.20 2.1 1.9 1.7 1.5 1.6
Youth Unemployment Rate (%) 7.50 7.4 7.7 7.9 7.7 7.6
Labour Costs (points) 111.63 122 114 116 113 117
Productivity (points) 96.80 99 100 101 102 102
Job Vacancies (Thousand) 799.25 850 790 760 720 740
Wages (EUR/Month) 4094.00 4113 4114 4070 4160 4208
Wages in Manufacturing (points) 163.60 121 104 104 112 106
Wage Growth (%) 3.00 2 1.5 1.6 1.9 2.3
Minimum Wages (EUR/Hour) 9.50 9.6 9.82 9.82 10.45 10.45
Population (Million) 83.17 83.84 84.17 84.17 84.17 84.17
Retirement Age Women 65.83 65.83 65.92 65.92 65.92 65.92
Retirement Age Men 65.83 65.83 65.92 65.92 65.92 65.92
Labor Force Participation Rate (%) 78.40 78.6 78.7 78.7 78.9 79
Employment Change (%) 0.20 0.6 0.7 0.4 0.3 0.5
Employment Rate (%) 75.60 75.9 76.2 76.4 76.7 76.8

Prices Actual Q4 Q1 Q2 Q3 2022
Inflation Rate (%) 4.10 3.6 2 1.8 1.7 1.8
Inflation Rate Mom (%) 0.00 0.5 0.4 0.3 -0.2 0.7
Consumer Price Index CPI (points) 110.10 109 110 111 112 111
Harmonised Consumer Prices (points) 110.10 109 110 111 112 111
Core Consumer Prices (points) 109.80 108 109 111 112 110
Core Inflation Rate (%) 2.90 1.8 1.6 1.5 1.6 1.7
Producer Prices (points) 118.30 114 114 117 123 117
Producer Prices Change (%) 14.20 8.9 5.6 4.4 3.6 3
Import Prices (points) 112.40 112 110 113 114 115
Food Inflation (%) 4.80 1.5 1.9 2 2.2 1.7
CPI Housing Utilities (points) 108.30 110 109 110 110 111
CPI Transportation (points) 114.80 115 116 116 116 117

Money Actual Q4 Q1 Q2 Q3 2022
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.55 -0.55 -0.55 -0.55 -0.55 -0.55
Money Supply M2 (EUR Billion) 3571.50 3720 3640 3690 3720 3700
Banks Balance Sheet (EUR Billion) 9380.82 9460 9320 9340 9290 9250
Foreign Exchange Reserves (EUR Million) 246908.00 256000 252000 255000 258000 254000
Loans to Private Sector (EUR Billion) 1653.93 1800 1850 1800 1790 1750
Private Debt to GDP (%) 176.90 163 159 159 159 159
Central Bank Balance Sheet (EUR Billion) 2782.20 2970 2890 2880 2870 2860

Trade Actual Q4 Q1 Q2 Q3 2022
Balance of Trade (EUR Million) 10700.00 10800 19500 14700 15800 9200
Current Account (EUR Million) 11759.65 19100 24900 21500 23600 18500
Current Account to GDP (% of GDP) 7.00 7.8 6.9 6.9 6.9 6.9
Imports (EUR Million) 93800.00 91900 106000 89500 96800 95900
Exports (EUR Million) 104400.00 102700 125500 104200 112600 105100
External Debt (EUR Million) 5753288.00 5820000 5890000 5850000 5880000 5910000
Foreign Direct Investment (EUR Million) 2606.29 5200 6600 3800 5100 3600
Capital Flows (EUR Million) 11538.13 12500 16900 11900 12600 19500
Remittances (EUR Million) 514.19 514 600 600 600 600
Gold Reserves (Tonnes) 3359.12 3400 3400 3400 3400 3400
Tourist Arrivals (Thousand) 2045.64 2250 1510 2100 3400 2700

Government Actual Q4 Q1 Q2 Q3 2022
Government Debt to GDP (% of GDP) 69.80 73 72 72 72 72
Government Budget (% of GDP) -4.20 -7.5 -2 -2 -2 -2
Government Budget Value (EUR Billion) -73.78 6 -13 0 -10 11
Government Spending (EUR Billion) 174.34 180 178 184 181 183
Government Spending to GDP (% of GDP) 51.10 53.5 48 48 48 48
Government Revenues (EUR Billion) 385.24 402 390 384 386 422
Government Debt (EUR Million) 2251829.82 2220000 2260000 2250000 2240000 2220000
Fiscal Expenditure (EUR Billion) 459.02 415 390 394 408 411

Taxes Actual Q4 Q1 Q2 Q3 2022
Corporate Tax Rate (%) 30.00 29.79 30 30 30 30
Personal Income Tax Rate (%) 45.00 47.5 45 45 45 45
Sales Tax Rate (%) 19.00 19 19 19 19 19
Social Security Rate (%) 40.21 40.21 40.21 40.21 40.21 40.21
Social Security Rate For Companies (%) 19.98 19.43 19.98 19.98 19.98 19.98
Social Security Rate For Employees (%) 20.23 20.78 20.23 20.23 20.23 20.23

Business Actual Q4 Q1 Q2 Q3 2022
Business Confidence (points) 97.70 97.1 101 105 104 106
Manufacturing PMI (points) 58.20 55 54 54.5 54.2 54.8
Services PMI (points) 52.40 55 53.6 54 54.2 54.5
Composite PMI (points) 52.00 54.2 53.7 54.4 54.6 54.8
Industrial Production (%) 1.70 4.5 3 3.6 3 2.8
Industrial Production Mom (%) -4.00 0.6 0.8 1 -0.7 0.4
Manufacturing Production (%) 2.10 5.1 4.5 5.4 4.6 3.8
Capacity Utilization (%) 87.10 88 87 86.8 87.2 87
Factory Orders (%) -7.70 0.6 0.9 0.8 -1 0.4
Bankruptcies (Companies) 1200.00 1250 1320 1380 1400 1490
Corporate Profits (EUR Billion) 191.40 182 179 175 192 176
Zew Economic Sentiment Index (points) 22.30 5 12 15 12 9
Car Production (Units) 208700.00 294000 385000 316200 382000 307000
Car Registrations (Units) 196972.00 322000 299000 245900 292000 345000
Mining Production (%) -1.60 4.2 4.8 5.2 4 3.6

Consumer Actual Q4 Q1 Q2 Q3 2022
Consumer Confidence (points) 0.30 2 7 5.8 6.2 7.5
Retail Sales MoM (%) 1.10 0.5 1 0.7 -1 0.6
Retail Sales YoY (%) 0.40 4.8 3.6 4.2 3.6 3
Consumer Spending (EUR Billion) 395.40 422 398 417 410 429
Disposable Personal Income (EUR Billion) 513.83 539 541 542 532 548
Personal Savings (%) 16.80 12 12.5 12 11.6 11.5
Consumer Credit (EUR Million) 232356.00 245735 241487 245136 240721 249912
Private Sector Credit (EUR Million) 3337850.00 3380131 3416524 3489789 3458013 3437593
Bank Lending Rate (%) 1.79 1.79 1.79 1.79 1.79 1.79
Households Debt To GDP (% of GDP) 58.90 65 62 62 62 62
Households Debt To Income (%) 84.70 91 88 88 88 88
Gasoline Prices (USD/Liter) 1.92 1.82 1.73 1.65 1.56 1.49

Housing Actual Q4 Q1 Q2 Q3 2022
Construction Output (%) 1.00 3.8 4.6 5.2 4.4 3.7
Housing Index (points) 208.05 212 216 215 217 214
Home Ownership Rate (%) 50.40 50.9 50.4 50.4 50.4 50.4
Building Permits 27567.00 36400 38600 37400 33400 40400
Construction PMI (points) 47.10 52.5 53.8 54 54.2 54.5
Construction Orders (%) 5.70 4.5 3.6 4.4 3.7 2.9


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.