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Subject Dossier
Economic Outlook
+ + + Upcoming Forecast: June 15, 2022 + + +
GERMANY
EURO AREA
WORLD
Key Indicators | GERMANY
Shaded: Kiel Institute forecast
| 2020 | 2021 | 2022 | 2023 | |
| Gross domestic product (GDP), price-adjusted | -4.6 | 2.9 | 2.1 | 3.5 |
| Gross domestic product, deflator | 1.6 | 3.0 | 2.9 | 3.3 |
| Consumer prices | 0.5 | 3.1 | 5.8 | 3.4 |
| Labor productivity (per hour worked) | 0.4 | 0.9 | -0,1 | 2.2 |
| Employment (1000 persons) | 44,898 | 44,920 | 45,508 | 45,735 |
| Unemployment rate (percent) | 5.9 | 5.7 | 4.9 | 4.7 |
| in relation to nominal GDP | ||||
| Public sector net lending | -4.3 | -3.7 | -2.5 | -2.0 |
| Gross public debt | 69.1 | 69.4 | 68.0 | 65.1 |
| Current account balance | 7.1 | 7.4 | 4.1 | 4.6 |
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
Shaded: Kiel Institute forecast
| 2020 | 2021 | 2022 | 2023 | |
| Gross domestic product (GDP), price-adjusted | -6.4 | 5.3 | 2.8 | 3.1 |
| Consumer prices | 0.3 | 2.6 | 5.2 | 2.8 |
| Unemployment rate (percent) | 8.0 | 7.7 | 6.7 | 6.3 |
| in relation to nominal GDP | ||||
| Public sector net lending | -7.2 | -5.7 | -3.7 | -2.8 |
| Current account balance | 1.8 | 2.7 | 1.8 | 2.2 |
Key Indicator | WORLD
Shaded: Kiel Institute forecast.
Real GDP and consumer prices in selected countries and regions, 2021–2023
| Gross domestic product | Consumer prices | |||||
| 2021 | 2022 | 2023 | 2021 | 2022 | 2023 | |
| United States | 5.7 | 3.1 | 2.2 | 4.7 | 6.9 | 3.0 |
| Japan | 1.7 | 1.0 | 1.8 | -0.2 | 1.8 | 1.0 |
| Euro Area | 5.3 | 2.8 | 3.1 | 2.6 | 5.3 | 2.9 |
| United Kingdom | 7.5 | 2.5 | 1.0 | 2.6 | 5.6 | 3.1 |
| Advanced economies | 5.2 | 2.7 | 2.5 | 3.2 | 5.5 | 2.8 |
| China | 8.1 | 4.8 | 5.2 | 1.1 | 1.8 | 2.3 |
| Latin America | 6.2 | 2.3 | 2.4 | 10.5 | 11.7 | 9.1 |
| India | 8.1 | 9.2 | 7.7 | 5.1 | 6.3 | 5.4 |
| East Asia | 3.1 | 5.2 | 5.5 | 1.9 | 3.0 | 2.8 |
| Russia | 4.7 | -4.5 | -2.6 | 5.9 | 25.0 | 18.0 |
| Africa | 4.4 | 3.8 | 3.8 | 15.5 | 11.0 | 8.5 |
| World economy | 5.8 | 3.5 | 3.6 | 4.7 | 7.2 | 5.2 |
| Addenum: World trade volume | 10.3 | 0.5 | 1.7 | . | . | . |
| Oil price (Brent in USD/Barrel) | 70.8 | 99.9 | 87.8 | . | . | . |
| World economy, weighted according to GDP at 2020 market exchange rates | 5.7 | 3.2 | 3.2 | 4.0 | 6.1 | 4.1 |
Source: Kiel Institute for the World Economy.
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