Gross domestic product (GDP)
In 2019 the German economy grew again for the tenth consecutive year. The Federal Statistical Office has just published the figures. The rate of growth slowed somewhat, at 0.6 per cent, compared to 2.5 per cent in 2017 and 1.5 per cent in 2018.
1 min reading time
Containers in the Port of Hamburg: Imports rose by 1.9 per cent and exports by 0.9 per cent
Photo: mauritius images
Private consumption, construction and corporate investment were the crucial factors behind the growth, but state spending on consumption also played a part. Imports rose more strongly than exports (1.9 per cent as compared to 0.9 per cent). Exports did not rise on the same scale as they have in the past. Some of the reasons included the various trade conflicts during the year and problems in the automobile industry.
More people in work
The number of people in work, averaging 45.3 million across the year, has reached a new record. This marked an increase of around 400,000 people as compared to 2018.
The surplus of federal, state and local governments and the social insurance funds accounted for 1.5 per cent of GDP (gross domestic product), down from 1.9 per cent in 2018.
Seen against the ten-year average growth of the economy, of 1.3 per cent, growth was weaker in 2019. The last time Germany’s economy chalked up a deficit was 2011.