The German economy is expected to continue growing steadily on the back of robust domestic demand, and strong foreign trade. Private consumption growth is being fuelled by the rise in real wages, which should continue as labour market constraints become apparent. Investment, particularly business investment, is also set to remain robust. Imports have been growing strongly, but the external surplus is set to remain high. Robust economic growth is projected to support a rise in the budget surplus and a sizeable decline in public debt.

Indicators 2016 2017 2018 2019
GDP growth (%, yoy) 1,9 2,2 2,3 2,1
Inflation (%, yoy) 0,4 1,7 1,6 1,8
Unemployment (%) 4,1 3,8 3,6 3,5
Public budget balance (% of GDP) 1,0 1,3 1,2 1,4
Gross public debt (% of GDP) 68,2 64,1 60,2 56,3
Current account balance (% of GDP) 8,5 8,0 7,9 7,6

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