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Germany in Numbers

Germany is home to the largest economy in Europe. Highly industrialized and diversified, the national economy accounts for around 25 percent of European gross domestic prodction.

Germany’s economy has been affected by the global coronavirus pandemic. However, the expected economic downturn in 2020 was less severe than expected. Gross domestic production was down 4.9 percent in 2020 - significantly less than the slump experienced in other countries. Large catch-up and carry-over effects in 2021 and 2022 should buoy the German economy, allowing the country to return to pre-crisis levels in 2022.

Strong Economy

The economic effects of the coronavirus pandemic were less severe than previously expected. The Federal Government's comprehensive and rapid support since the beginning of the crisis has proven effective to date.

According to data from the Federal Ministry for Economic Affairs and Energy, Germany’s GDP fell by 4.6 percent in 2020. In its autumn forecast 2021 the German Government expects GDP to grow by 2.6 percent in 2021. For 2022 the government predicts the economy to growth by 4.1 percent.

German Economic Performance


2020

2021*

2022*

GDP

 -4.6

+2.6

+4.1

Private Consumption

-5.9

+0.3

+6.6

Imports

-8.6

+9.2

+7.1

Exports

-9.3

+8.6

+6.3

Gross Fixed Capital Investment

-2.2

+2.6

+3.9

Price adjusted year-on-year changes (in %) *Forecast Source: Federal Ministry for Economic Affairs and Climate Action 2021

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