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Subject Dossier
Economic Outlook
GERMANY
EURO AREA
WORLD
Key Indicators | GERMANY
March 2023
Shaded: Kiel Institute forecast
| 2021 | 2022 | 2023 | 2024 | |
| Gross domestic product (GDP), volume | 2.6 | 1.8 | 0.5 | 1.4 |
| Gross domestic product, deflator | 3.1 | 5.5 | 6.2 | 2.2 |
| Consumer pricesVerbraucherpreise | 3.1 | 6.9 | 5.4 | 2.1 |
| Labor productivity (per hour worked) | 0.9 | 0.4 | 0.2 | 0.3 |
| Employment (1000 persons) | 44,980 | 45,570 | 45,885 | 45,827 |
| Unemployment rate (percent) | 5.7 | 5.3 | 5.4 | 5.2 |
in relation to nominal GDP
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| Public sector net lending | -3.7 | -2.6 | -2.1 | -1.4 |
| Gross public debt | 68.6 | 66.4 | 64.3 | 63.5 |
| Current account balance | 7.4 | 3.8 | 5.6 | 5.6 |
Source: Federal Statistical Office, Fachserie 18, Series 1.2; Federal Employment Agency, Monthly Bulletin; Federal Employment Agency, Employment Statistics; shaded: Kiel Institute forecast.
Key Indicator | EURO AREA
March 2023
Shaded: Kiel Institute forecast
| 2021 | 2022 | 2023 | 2024 | |
| Gross domestic product (GDP), volume | 5.2 | 3.5 | 1.1 | 1.6 |
| Consumer prices | 2.6 | 8.3 | 5.5 | 2.6 |
| Unemployment rate (percent) | 7.8 | 6.7 | 6.8 | 6.8 |
| in relation to nominal GDP | ||||
| Public sector net lending | -5.1 | -3.7 | -4.2 | -3.5 |
| Current account balance | 2.4 | -0.9 | 0.7 | 1.3 |
Key Indicator | WORLD
March 2023
Shaded: Kiel Institute forecast.
Real GDP and consumer prices in selected countries and regions, 2022–2024
| Gross domestic product | Consumer prices | |||||
| 2022 | 2023 | 2024 | 2022 | 2023 | 2024 | |
| United States | 2.1 | 0.8 | 1.0 | 8.0 | 4.4 | 2.8 |
| Japan | 1.0 | 0.7 | 1.6 | 2.5 | 2.7 | 1.9 |
| Euro Area | 3.5 | 1.1 | 1.6 | 8.4 | 5.4 | 2.6 |
| United Kingdom | 4.0 | -0.1 | 1.4 | 9.2 | 7.9 | 3.8 |
| Advanced economies | 2.9 | 0.9 | 1.6 | 8.1 | 5.3 | 2.9 |
| China | 3.1 | 5.2 | 5.2 | 2.0 | 2.8 | 2.7 |
| Latin America | 3.7 | 0.8 | 1.4 | 16.6 | 17.5 | 18.0 |
| India | 6.7 | 5.9 | 6.9 | 6.7 | 5.9 | 5.5 |
| East Asia | 5.0 | 4.5 | 5.0 | 5.2 | 3.0 | 2.7 |
| Russia | -2.1 | -0.4/td> | 1.2 | 13.8 | 15.4 | 15.3 |
| Africa | 4.4 | 3.2 | 3.4 | 13.4 | 15.4 | 15.3 |
| World economy | 3.2 | 2.5 | 3.2 | 9.4 | 7.6 | 5.9 |
| Addenum: World trade volume | 3.2 | 1.2 | 2.7 | . | . | . |
| Oil price (Brent in USD/Barrel) | 98.7 | 82.0 | 77.4 | . | . | . |
| World economy, weighted according to GDP at 2021 market exchange rates | 3.0 | 2.1 | 2.7 | 8.1 | 6.2 | 4.6 |
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