Germany - Economy
How is the economy of Germany? Based on the information we have, Germany has a leading diversified, export-driven, core EU and eurozone economy; key automotive, chemical, engineering, finance, and green energy industries; growth stalled by energy crisis; tight labor market with falling working-age population; fiscal rebalancing with phaseout of energy price supports. Key agricultural products in this country include: milk, sugar beets, wheat, barley, potatoes, pork, rapeseed, maize, rye, triticale (2022).
More about the economy of Germany
| Labor force | 44.784 million (2023 est.) |
|---|---|
| Industrial production growth rate | -1.59% (2023 est.) |
| Industries | iron, steel, coal, cement, chemicals, machinery, vehicles, machine tools, electronics, automobiles, food and beverages, shipbuilding, textiles |
| Population below poverty line | 14.8% (2021 est.) |
| Taxes and other revenues | 11.23% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $322.7 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $293.914 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $295.736 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $262.723 billion (2023 est.) |
| Current account balance 2022 | $174.831 billion (2022 est.) |
| Current account balance 2021 | $312.08 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 63.9% of GDP (2017 est.) |
| Budget | |
| Revenues | $1.19 trillion (2022 est.) |
| Expenditures | $1.31 trillion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.46% of GDP (2023 est.) |
| Remittances 2022 | 0.47% of GDP (2022 est.) |
| Remittances 2021 | 0.46% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.1% (2019 est.) |
| Highest 10% | 25.2% (2019 est.) |
| Average household expenditures | |
| On food | 11.8% of household expenditures (2022 est.) |
| On alcohol and tobacco | 3.5% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $1.927 trillion (2023 est.) |
| Imports 2022 | $1.997 trillion (2022 est.) |
| Imports 2021 | $1.798 trillion (2021 est.) |
| Imports (partners) | China 10%, Netherlands 9%, Poland 6%, Belgium 6%, Italy 5% (2022) |
| Comodities Imports force | natural gas, cars, garments, vehicle parts/accessories, crude petroleum (2022) |
| Exports | |
| Imports 2023 | $1.927 trillion (2023 est.) |
| Imports 2022 | $1.997 trillion (2022 est.) |
| Imports 2021 | $1.798 trillion (2021 est.) |
| Exports (partners) | US 10%, France 7%, China 7%, Netherlands 7%, Italy 6% (2022) |
| Comodities Exports force | cars, packaged medicine, vehicle parts/accessories, vaccines, plastic products (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $5.23 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $5.246 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $5.153 trillion (2021 est.) |
| GDP (official exchange rate) | $4.456 trillion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $61,900 (2023 est.) |
| Real GDP per capita 2022 | $62,600 (2022 est.) |
| Real GDP per capita 2021 | $61,900 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.7% (2023 est.) |
| Industry | 28.1% (2023 est.) |
| Services | 62.6% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 50.7% (2023 est.) |
| Government consumption | 21.6% (2023 est.) |
| Investment in fixed capital | 21.9% (2023 est.) |
| Investment in inventories | 1.6% (2023 est.) |
| Exports of goods and services | 47.1% (2023 est.) |
| Imports of goods and services | -43% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 3.05% (2023 est.) |
| Unemployment rate 2022 | 3.14% (2022 est.) |
| Unemployment rate 2021 | 3.64% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6% (2023 est.) |
| Male | 6.7% (2023 est.) |
| Female | 5.1% (2023 est.) |
All Important Facts about Germany
Want to know more about Germany? Check all different factbooks for Germany below.
