
Germany
Cyclical and structural challenges weigh on growth prospects
AA1
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
Updated in November 2023.
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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%
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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%
|
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
|
Collection Complexity
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.
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