Germany

Cyclical and structural challenges weigh on growth prospects

AA1

LOW RISK for entreprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in November 2023.

Swipe to view more

GDP USD4072.2bn (World ranking 4, World Bank 2022)
Population 84.1mn (World ranking 19, World Bank 2022)
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
  • High energy prices
  • Dominance of the automotive 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%
1
11.9% China
China 7.6%
2
7.6% Netherlands
France 7.4%
3
6.1% United States of America
Netherlands 6.6%
4
5.7% Poland
Poland 5.6%
5
5.4% Italy

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.
Medicinal and pharmaceutical products 7.3%
3
5.6% Medicinal and pharmaceutical products
Other industrial machinery and parts 7.3%
4
4.5% Petroleum, petroleum products and related materials
Specialised machinery 4.3%
5
4.2% Other industrial machinery and parts
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
Popular Risk Reports: Americas

Popular Risk Reports: Europe

Popular Risk Reports: Asia Pacific

Popular Risk Reports: Middle East

Popular Risk Reports: Africa