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Robust growth of German economy in 2007
21
Jan '08
The German economy again grew strongly in 2007. According to first provisional calculations of the Federal Statistical Office (Destatis), the price-adjusted gross domestic product (GDP) rose 2.5% on the previous year. When examining the calendar-adjusted figures – the number of working days was by 1.6 days smaller in 2007 than in the year before – the GDP growth rate was 2.6% in 2007.

As regards the use side, economic growth was based on both foreign and domestic demand. Price-adjusted exports saw a by far higher rise (+8.3%) than imports (+5.7%). The increased export surplus (net exports) contributed 1.4% percentage points to GDP growth, while the contribution of domestic uses was one percentage point.

This development was above all determined by gross fixed capital formation in machinery and equipment: In 2007, capital formation of enterprises in new machinery, equipment and vehicles again increased considerably (+8.4%) on a year earlier. Final consumption expenditure contributed 0.2 percentage points to economic growth.

However, only final consumption expenditure of general government had a positive impact (price-adjusted growth rate +2.0%), while the real final consumption expenditure of households declined 0.3% on a year earlier.

On an annual average in 2007, the economic performance was achieved by slightly more than 39.7 million persons in employment, which was an increase of 649,000 persons (+1.7%) compared with the preceding year.


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