## Germany: Staff Report for the 2015 Article IV Consultation

_IMF Staff Country Reports, July 15, 2015_

## Source details

**Canonical URL:** [Germany: Staff Report for the 2015 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2015-article-iv-consultation-43082)

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## Bibliographic details
- Published: July 15, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513511160.002

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### Macroeconomic outlook
- Ongoing upturn in Germany is benefiting from the euro depreciation and lower energy prices.
- 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.

### Fiscal and financial position
- Upturn is underpinned by a healthy fiscal position.
- Corporate and household balance sheets are described as sound.

### Labor market and wages
- 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.

### External sector and prices
- Euro depreciation is supporting export growth.
- Lower energy prices contributed to near-zero inflation and higher real wage growth.

### Key statistics and facts (as reported)
- 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

*Source: Germany: Staff Report for the 2015 Article IV Consultation, July 15, 2015.*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/germany-staff-report-for-the-2015-article-iv-consultation-43082_