ECONOMIC OUTLOOK:
The German Economy:
Currency: German Mark (DEM)
Main Economic Data
|
|||
|
Time (t) |
Real GDP Growth (GDP) (%) |
Unemployment Rate (U) (%) |
Inflation Rate (p) (%) |
|
2001Q3+ |
0.3; -0.1++ |
- |
- |
+ Compared with
the same month/quarter a year earlier
++ Compared with
the previous month/quarter
l
Germany accounts for a third of all euro-area GDP.
l Germany is one of the world’s most open economies—exports account for more than one-quarter of GDP and the same proportion of jobs—and the country is therefore particularly vulnerable to economic fluctuations in the rest of the world. But some of Germany’s problems are home-grown. As the long-drawn-out process of unification came to an end, the country found itself with huge overcapacity in the construction industry. The years immediately following unification were a boom period for building. Berlin, for instance, resembled a building site for many years, as the city was made ready to take over from Bonn as the new German capital. The economic momentum generated by the challenge of merging East and West Germany together was bound to dissipate eventually. Unfortunately this has coincided with the sharpest global downturn for many years. The number of Germans without jobs has been rising since January and now stands at 3.9 millions.
Sources: Economist.com; TVB News