
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.
|
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
|
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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No, the energy shock in Europe does not mean de-industrialization
24 January
The large energy-price shock still lies ahead for European corporates but it won't be a game-changer for price competitiveness against the US.
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Quantitative tightening and debt repayment costs in the Eurozone
20 January
The ECB will start quantitative tightening in March, but the expected reduction of its balance sheet will be limited at the planned run-off rate of government bond holdings.
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Allianz Risk Barometer 2023: Cyber and business interruption top threats as economic and energy risks rise
17 January
Cyber incidents and business interruption rank as the biggest company concerns for the second year in succession.
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