
Germany
Energy crisis to weigh on short- and medium-term growth prospects
LOW RISK for entreprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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GDP | USD4223bn (World ranking 4, World Bank 2021) |
Population | 83.1mn (World ranking 19, World Bank 2021) |
Form of state | Federal Republic |
Head of government | Olaf Scholz (Chancellor) |
Next elections | 2025, federal and legislative |

- Solid public finances
- Strong industrial base
- Low structural unemployment
- Well-diversified export sector (products and trade partners)
- Low systemic political risk

- Aging population
- Skilled-labor shortage
- Dependence on exports
- Dominance of the automobile sector
- Subdued medium-term growth prospects due to weak investment
Trade structure by destination/origin
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
United States
8.9%
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1 |
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China
7.6%
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2 |
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France
7.4%
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3 |
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Netherlands
6.6%
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4 |
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Poland
5.6%
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5 |
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Trade structure by product
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
Road vehicles
14.5%
|
1 |
9.0%
Road vehicles
|
Electrical machinery, apparatus and appliances, n.e.s.
8.7%
|
2 |
8.8%
Electrical machinery, apparatus and appliances, n.e.s.
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Medicinal and pharmaceutical products
7.3%
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3 |
5.6%
Medicinal and pharmaceutical products
|
Other industrial machinery and parts
7.3%
|
4 |
4.5%
Petroleum, petroleum products and related materials
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Specialised machinery
4.3%
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5 |
4.2%
Other industrial machinery and parts
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LATEST NEWS ABOUT GERMANY
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Sector vulnerability to rising financing costs
02 June
Five sectors stand out as the most exposed to financing stress: transportation, construction, hospitality, commodities and automotive.
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Allianz Trade Global Survey 2023: Testing resilience
01 June
Roughly 70% of the nearly 3,000 companies we surveyed expect business turnover generated through exports to increase in 2023, against close to 80% in the 2022 edition.
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European commercial real estate – selectivity matters!
25 May
The commercial real estate sector is getting squeezed by tightening financing conditions but prime assets have remained resilient.
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