Germany : Staff Report for the 2015 Article IV Consultation

Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

July 15, 2015

Electronic Access:

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Summary:

This 2015 Article IV Consultation highlights that the ongoing upturn in Germany is benefiting from the euro depreciation and lower energy prices, and is underpinned by a healthy fiscal position and sound corporate and household balance sheets. Employment growth has been robust, supported by strong immigration. The unemployment rate hit an additional post-reunification low at 4.7 percent. The oil price drop brought inflation temporarily close to zero, which has contributed to lift real wage growth to a 20-year high. The current moderate growth momentum is expected to continue as robust real wages buoy private consumption and euro depreciation buttresses exports, opening the way for a recovery in machinery and equipment investment.

Series:

Country Report No. 15/187

Subject:

English

Publication Date:

July 15, 2015

ISBN/ISSN:

9781513511160/1934-7685

Stock No:

1DEUEA2015001

Format:

Paper

Pages:

71

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