Economic Outlook
+ + + Upcoming Forecast: December 13, 2023 + + + |

GERMANY

EURO AREA

WORLD
Key Indicators | GERMANY
September 2023
Shaded: Kiel Institute forecast
2022 | 2023 | 2024 | 2025 | |
Gross domestic product (GDP), volume | 1.8 | -0.5 | 1.3 | 1.5 |
Gross domestic product, deflator | 5.3 | 7.9 | 2.0 | 1.4 |
Consumer prices | 6.9 | 6.0 | 2.1 | 2.1 |
Labor productivity (per hour worked) | 0.5 | -1.4 | 0.7 | 1.5 |
Employment (1000 persons) | 45,596 | 45,912 | 45,914 | 45,852 |
Unemployment rate (percent) | 5.3 | 5.6 | 5.6 | 5.3 |
in relation to nominal GDP | ||||
Public sector net lending | -2.5 | -2.6 | -2.2 | -1.9 |
Gross public debt | 66.1 | 64.2 | 64.2 | 64.5 |
Current account balance | 4.4 | 6.9 | 7.2 | 7.1 |
GDP, consumer prices, labor productivity: percentage change on previous year; unemployment rate: as defined by the Federal Employment Agency.
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
September 2023
Shaded: Kiel Institute forecast
2022 | 2023 | 2024 | 2025 | |
Gross domestic product (GDP), volume | 3.5 | 0.6 | 1.4 | 1.7 |
Consumer prices | 8.4 | 5.7 | 2.6 | 2.2 |
Unemployment rate (percent) | 6.8 | 6.5 | 6.3 | 5.9 |
in relation to nominal GDP | ||||
Public sector net lending | -3.5 | -3.4 | -2.9 | -2.8 |
Current account balance | -1.0 | 1.5 | 1.8 | 1.7 |
GDP, consumer prices: percentage change on previous year. Source: Eurostat; Shaded: Kiel Institute forecast.
Key Indicator | WORLD
September 2023
Shaded: Kiel Institute forecast.
Real GDP and consumer prices in selected countries and regions, 2023–2025
Gross domestic product | Consumer prices | |||||
2023 | 2024 | 2025 | 2023 | 2024 | 2025 | |
United States | 2.0 | 1.3 | 1.3 | 4.1 | 2.5 | 1.9 |
Japan | 2.3 | 1.1 | 1.3 | 3.0 | 2.2 | 1.8 |
Euro Area | 0.6 | 1.4 | 1.7 | 5.6 | 2.6 | 2.2 |
United Kingdom | 0.5 | 1.0 | 1.7 | 7.4 | 3.5 | 2.4 |
Advanced economies | 1.3 | 1.4 | 1.6 | 5.2 | 2.7 | 2.1 |
China | 4.9 | 4.5 | 4.9 | 1.1 | 2.5 | 2.8 |
Latin America | 1.7 | 1.1 | 1.9 | 20.3 | 21.4 | 15.3 |
India | 7.3 | 6.7 | 6.9 | 5.8 | 5.2 | 4.9 |
East Asia | 4.8 | 4.6 | 4.7 | 4.2 | 2.9 | 2.6 |
Russia | 2.0 | 0.5 | 0.4 | 7.0 | 8.0 | 5.0 |
Africa | 4.3 | 3.3 | 3.5 | 14.2 | 17.1 | 17.3 |
World economy | 3.0 | 2.8 | 3.2 | 7.8 | 6.4 | 5.1 |
Addenum: World trade volume | -1.7 | 1.5 | 2.9 | . | . | . |
Oil price (Brent in USD/Barrel) | 82.0 | 81.2 | 77.2 | . | . | . |
World economy, weighted according to GDP at 2022 market exchange rates | 2.5 | 2.3 | 2.7 | 5.9 | 4.5 | 3.6 |
Weighted according to GDP at 2022 PPP rates.
East Asia: Emerging Asia excluding China and India.
Shaded: Kiel Institute forecast.
Joint Economic Forecast
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