Markets Actual Q3 Q4 Q1 Q2 2023
Currency 1.03 1.01 0.99 0.98 0.97 0.95
Stock Market (points) 13795.85 13077 12598 12138 11693 10852
Government Bond 10Y (%) 0.99 1.06 1.16 1.28 1.41 1.7

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) 0.00 0.2 0.1 0.4 0.5 0.4
GDP Annual Growth Rate (%) 1.40 0.2 1.5 1.8 3.1 2.5
Unemployment Rate (%) 5.40 4.9 5 5.1 5 4.9
Inflation Rate (%) 7.50 6.3 6.1 4.2 3 2.1
Inflation Rate Mom (%) 0.90 -0.2 0.7 0.3 0.3 0.6
Interest Rate (%) 0.50 0.75 1.25 1.5 1.75 1.75
Balance of Trade (EUR Million) 7696.81 -4600 4800 19000 20000 18400
Current Account (EUR Million) 16171.16 23600 18500 25400 25400 16900
Current Account to GDP (% of GDP) 7.40 6.9 6.9 7.2 7.2 7.2
Government Debt to GDP (% of GDP) 69.30 66.6 66.6 64.3 64.3 64.3
Government Budget (% of GDP) -3.70 -2.6 -2.6 -1 -1 -1
Business Confidence (points) 88.60 90.7 94.7 97.7 102 102
Manufacturing PMI (points) 49.30 53.6 54.8 55 55 55.1
Services PMI (points) 49.70 54.2 54.5 54.9 54.9 55.1
Consumer Confidence (points) -30.60 -26.2 2.8 4.5 6.2 6.5
Retail Sales MoM (%) -1.60 -1 0.6 0.8 0.8 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 2023
GDP Growth Rate (%) 0.00 0.2 0.1 0.4 0.5 0.4
GDP Annual Growth Rate (%) 1.40 0.2 1.5 1.8 3.1 2.5
GDP (USD Billion) 4223.12 4200 4200 4450 4450 4450
GDP Constant Prices (EUR Billion) 811.70 808 816 820 837 836
Gross National Product (EUR Billion) 961.52 942 966 979 991 990
Gross Fixed Capital Formation (EUR Billion) 169.50 166 169 173 175 173
GDP per capita (USD) 42526.55 44400 44400 45100 45100 45100
GDP per capita PPP (USD) 52930.81 51900 51900 52600 52600 52600
Full Year GDP Growth (%) 2.90 1.4 1.4 1 1 1
GDP From Agriculture (EUR Billion) 8.12 7.43 7.75 8.27 8.37 7.94
GDP From Construction (EUR Billion) 43.21 49.33 58.66 43.99 44.55 60.13
GDP From Manufacturing (EUR Billion) 164.62 162 169 168 170 174
GDP From Public Administration (EUR Billion) 159.52 159 167 162 164 171
GDP From Services (EUR Billion) 130.62 137 142 133 135 145

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 5.40 4.9 5 5.1 5 4.9
Employed Persons (Thousand ) 45437.00 45150 45200 45190 45190 45440
Unemployed Persons (Thousand ) 2463.00 2200 2200 2290 2290 2260
Unemployment Change (Thousand) 48.00 -28 -30 -24 -24 -16
Long Term Unemployment Rate (%) 1.10 1.5 1.6 0.9 0.8 1.4
Youth Unemployment Rate (%) 5.40 4.9 5 5.1 5 5
Labour Costs (points) 115.35 113 115 117 118 119
Productivity (points) 97.60 102 102 103 103 105
Job Vacancies (Thousand) 880.54 720 740 750 750 770
Wages (EUR/Month) 4168.00 4160 4208 4264 4251 4345
Wages in Manufacturing (points) 111.60 105 106 106 114 108
Wage Growth (%) -1.40 1.9 2.3 2 2 1.9
Minimum Wages (EUR/Hour) 12.00 10.45 12 12 12 12.45
Population (Million) 83.16 84.17 84.17 84.69 84.69 84.69
Retirement Age Women 65.83 65.92 65.92 66 66 66
Retirement Age Men 65.83 65.92 65.92 66 66 66
Harmonised Unemployment Rate (%) 2.80 3.1 3.2 3.3 3.3 3.2
Labor Force Participation Rate (%) 79.50 78.9 79 79.1 79.1 79.2
Employment Change (%) 0.30 0.3 0.5 0.4 0.4 0.4
Employment Rate (%) 77.00 76.7 76.8 76.9 76.9 77.1

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 7.50 6.3 6.1 4.2 3 2.1
Inflation Rate Mom (%) 0.90 -0.2 0.7 0.3 0.3 0.6
Consumer Price Index CPI (points) 118.40 117 118 120 121 120
Harmonised Consumer Prices (points) 119.00 117 118 121 122 121
Core Consumer Prices (points) 113.40 112 112 113 114 115
Core Inflation Rate (%) 3.18 1.9 2 1.8 1.8 2.3
Producer Prices (points) 148.40 128 134 146 154 138
Producer Prices Change (%) 32.70 8.6 3 3.6 3.6 3
Import Prices (points) 140.90 126 123 121 121 119
Food Inflation (%) 14.80 2.2 1.7 2 2 1.9
Producer Price Inflation MoM (%) 0.60 1.5 1.2 0.7 0.3 0.9
CPI Housing Utilities (points) 119.50 115 116 122 122 119
CPI Transportation (points) 120.60 120 121 122 122 123

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 0.50 0.75 1.25 1.5 1.75 1.75
Interbank Rate (%) 0.04 0.29 0.79 1.04 1.29 1.29
Money Supply M2 (EUR Billion) 3726.90 3720 3700 3750 3750 3800
Foreign Exchange Reserves (EUR Million) 280910.00 268000 264000 263500 263500 267000
Banks Balance Sheet (EUR Billion) 9906.07 9690 9750 9740 9740 9840
Loans to Private Sector (EUR Billion) 1701.53 1690 1750 1740 1740 1790
Private Debt to GDP (%) 176.90 169 169 165 165 165
Central Bank Balance Sheet (EUR Billion) 2923.70 3600 3480 3620 3620 3820

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (EUR Million) 7696.81 -4600 4800 19000 20000 18400
Current Account (EUR Million) 16171.16 23600 18500 25400 25400 16900
Current Account to GDP (% of GDP) 7.40 6.9 6.9 7.2 7.2 7.2
Imports (EUR Million) 128312.00 124800 116800 109100 112200 112100
Exports (EUR Million) 136008.81 120200 121600 128100 132200 130500
External Debt (EUR Million) 6132897.00 5880000 5910000 5940000 5940000 6020000
Capital Flows (EUR Million) 45524.09 12600 19500 17500 17500 20100
Foreign Direct Investment (EUR Million) 7749.33 5100 3600 7200 7200 2500
Remittances (EUR Million) 532.77 600 600 600 600 550
Gold Reserves (Tonnes) 3355.14 3400 3400 3400 3400 3400
Tourist Arrivals (Thousand) 698.75 3400 2700 1820 1820 3200

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 69.30 66.6 66.6 64.3 64.3 64.3
Government Budget (% of GDP) -3.70 -2.6 -2.6 -1 -1 -1
Government Budget Value (EUR Billion) -41.25 0 -10 -22 11 20
Government Spending (EUR Billion) 174.21 174 181 177 180 175
Government Spending to GDP (% of GDP) 51.50 48 48 46 46 46
Government Revenues (EUR Billion) 486.25 386 422 404 404 436
Government Debt (EUR Million) 2318918.54 2370000 2360000 2380000 2380000 2450000
Fiscal Expenditure (EUR Billion) 495.29 408 411 396 396 416
Asylum Applications (persons) 12315.00 12000 12000 12000 12000 12000

Taxes Actual Q3 Q4 Q1 Q2 2023
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 (%) 40.21 40.21 40.21 40.21 40.21 40.21
Social Security Rate For Companies (%) 19.98 19.98 19.98 19.98 19.98 19.98
Social Security Rate For Employees (%) 20.23 20.23 20.23 20.23 20.23 20.23

Business Actual Q3 Q4 Q1 Q2 2023
Business Confidence (points) 88.60 90.7 94.7 97.7 102 102
Manufacturing PMI (points) 49.30 53.6 54.8 55 55 55.1
Services PMI (points) 49.70 54.2 54.5 54.9 54.9 55.1
Composite PMI (points) 48.10 53.6 54.4 54.6 55 54.6
Industrial Production (%) -0.50 3 2.8 3.4 3.4 2.4
Industrial Production Mom (%) 0.40 -0.7 0.4 0.7 0.7 0.3
Manufacturing Production (%) 0.20 4.6 3.8 4.2 4.2 3.6
Capacity Utilization (%) 85.40 87.2 87 87.2 87.2 87.5
Factory Orders (%) -0.40 -1 0.4 0.8 0.8 0.5
Bankruptcies (Companies) 1242.00 1400 1490 1470 1470 1540
Corporate Profits (EUR Billion) 188.63 203 205 206 206 208
ZEW Economic Sentiment Index (points) -53.80 -59 -42 -15 9 15
Car Production (Units) 263400.00 382000 307000 394000 394000 325000
Car Registrations (Units) 205911.00 292000 345000 247000 247000 366000
Mining Production (%) -4.93 4 3.6 4 4 2.9

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Confidence (points) -30.60 -26.2 2.8 4.5 6.2 6.5
Retail Sales MoM (%) -1.60 -1 0.6 0.8 0.8 0.5
Retail Sales YoY (%) -8.80 3.6 3 2.8 2.8 2.6
Consumer Spending (EUR Billion) 415.98 422 420 423 429 430
Disposable Personal Income (EUR Billion) 532.14 525 533 542 549 546
Personal Savings (%) 11.50 11.6 11.5 11.2 11.2 11
Consumer Credit (EUR Million) 233525.00 234359 236188 237728 240764 242093
Private Sector Credit (EUR Million) 3525526.00 3354383 3457912 3526617 3634817 3544360
Bank Lending Rate (%) 1.88 2.13 2.63 2.88 3.13 3.13
Households Debt To GDP (% of GDP) 57.30 62 62 59 59 59
Households Debt To Income (%) 87.16 88 88 85 85 85
Gasoline Prices (USD/Liter) 1.82 1.89 1.96 2.03 2.11 2.11

Housing Actual Q3 Q4 Q1 Q2 2023
Construction Output (%) -2.89 4.4 3.7 3.2 3.2 4
Housing Index (points) 224.87 217 214 216 216 220
Home Ownership Rate (%) 50.40 50.4 50.4 50.2 50.2 50.2
Construction Orders (%) -7.53 3.7 2.9 3.4 3.4 3.6
Building Permits 28060.00 33400 36400 29800 29800 38200
Construction PMI (points) 43.70 51 53.6 54.5 55 54.4


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Germany Forecast - was last updated on Saturday, August 13, 2022.