Germany
Cyclical and structural challenges weigh on growth prospects
Last update – January 2024
Country rating
LOW RISK FOR ENTERPRISE
Economic risk
Business environment risk
Political risk
Commercial risk
Financing risk
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GDP | USD4072.2bn (World ranking 4, World Bank 2022) |
Population | 84.1mn (World ranking 19, World Bank 2022) |
Form of state |
Federal Republic |
Head of state |
Olaf Scholz (Chancellor) |
Next elections |
2025, federal and legislative |
Strengths & weaknesses
- Solid public finances
- Dependence on exports
- High energy prices
- Dominance of the automobile sector
- Subdued medium-term growth prospects due to weak investment
- Aging population
- Skilled-labor shortage
- Dependence on exports
- High energy prices
- Dominance of the automotive sector
- Subdued medium-term growth prospects due to weak investment
Economic overview
Trade structure by destination/origin
(% of total, 2022)
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Exports | Rank | Imports | ||
United States 9.9% | 1 |
13.0% China |
||
France 7.3% | 2 |
7.6% Netherlands |
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Netherlands 6.8% | 3 |
6.2% United States |
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China 6.8% | 4 |
5.2% Poland |
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Poland 5.7% | 5 |
4.8% Italy |
Trade structure by product
(% of total, 2022)
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Exports | Rank | Imports |
Road vehicles 15.0% |
1 | 8.4% Road vehicles |
Medicinal and pharmaceutical products 7.6% |
2 | 7.7% Electrical machinery, apparatus and appliances, n.e.s. |
Electrical machinery, apparatus and appliances, n.e.s. 7.5% | 3 | 6.2% Petroleum, petroleum products and related materials |
Other industrial machinery and parts 6.8% | 4 | 5.1% Medicinal and pharmaceutical products |
Specialised machinery 4.2% | 5 | 4.9% Gas, natural and manufactured |
Contact
Jasmin Gröschl
Allianz SE
Allianz SE