{
  "title": "Germany: Staff Report for the 2015 Article IV Consultation",
  "publication": "IMF Staff Country Reports, July 15, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2015-article-iv-consultation-43082",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2015-article-iv-consultation-43082",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2015-article-iv-consultation-43082/index.md",
  "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.",
  "sections": [
    {
      "heading": "Macroeconomic outlook",
      "content": "- Ongoing upturn in Germany is benefiting from the euro depreciation and lower energy prices.\n- Current moderate growth momentum is expected to continue as:\n  - robust real wages buoy private consumption, and\n  - euro depreciation buttresses exports, opening the way for a recovery in machinery and equipment investment."
    },
    {
      "heading": "Fiscal and financial position",
      "content": "- Upturn is underpinned by a healthy fiscal position.\n- Corporate and household balance sheets are described as sound."
    },
    {
      "heading": "Labor market and wages",
      "content": "- Employment growth has been robust, supported by strong immigration.\n- The unemployment rate hit an additional post-reunification low at 4.7 percent.\n- The oil price drop brought inflation temporarily close to zero, which has contributed to lift real wage growth to a 20-year high."
    },
    {
      "heading": "External sector and prices",
      "content": "- Euro depreciation is supporting export growth.\n- Lower energy prices contributed to near-zero inflation and higher real wage growth."
    },
    {
      "heading": "Key statistics and facts (as reported)",
      "content": "- Unemployment rate: 4.7 percent.\n- Real wage growth: reached a 20-year high (period described in the report).\n- Report date: July 15, 2015.\n- Report length: 71 pages.\n- Series: Country Report No. 2015/187.\n- DOI: https://doi.org/10.5089/9781513511160.002\n\nSource: Germany: Staff Report for the 2015 Article IV Consultation, July 15, 2015.\n\n---\n\n Content in this bundle\n\n- cr15187\n  - cr15187 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15187 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2015-article-iv-consultation-43082/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2015-article-iv-consultation-43082/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2015-article-iv-consultation-43082/bundle-manifest.json)",
    "Published: July 15, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513511160.002",
    "Ongoing upturn in Germany is benefiting from the euro depreciation and lower energy prices.",
    "Current moderate growth momentum is expected to continue as:",
    "Upturn is underpinned by a healthy fiscal position.",
    "Corporate and household balance sheets are described as sound.",
    "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.",
    "Euro depreciation is supporting export growth.",
    "Lower energy prices contributed to near-zero inflation and higher real wage growth.",
    "Unemployment rate: 4.7 percent.",
    "Real wage growth: reached a 20-year high (period described in the report).",
    "Report date: July 15, 2015.",
    "Report length: 71 pages.",
    "Series: Country Report No. 2015/187.",
    "DOI: https://doi.org/10.5089/9781513511160.002",
    "**_cr15187**"
  ],
  "related": [
    {
      "title": "_cr15187",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15187.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15187.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15187.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2015-article-iv-consultation-43082/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2015-article-iv-consultation-43082/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2015-article-iv-consultation-43082/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-14T07:50:33.892Z"
}