The economy of Germany is a highly developed social market economy. It has the largest national economy in Europe, the fourth-largest by nominal GDP in the world. The German economy is an exporter of machinery, vehicles, chemicals, and household equipment. Germany is rich in timber, potash, salt, uranium, nickel, copper and natural gas. Energy in Germany is sourced predominantly by fossil fuels (~50%), followed by nuclear power second, then gas, wind, biomass (wood and biofuels), hydro and solar. Germany is the first major industrialized nation to commit to the renewable energy transition called Energiewende. Germany is the leading producer of wind turbines in the world. Renewables now produce c.30% of electricity consumed in Germany.

Descreptive Data

Unemployment, %3.3
Ages 15-24 Population Ratio, %46.226
Population Over 65, %26.7
Net Migration Rate1850000
EIU Country Risk Score24
Fitch Sovereign RatingAAA
S&P Sovereign RatingAAA
Moody's Sovereign RatingAaa
Big Mac Index4.77

Economic Data

Ability to Pay
Budget Surplus/def (%GDP)0.7%0.8%1%
Currency Reserves ex Gold (BLN USD)596059
GDP per Capita (USD)41197421774476948670
GDP Value (BLN USD)3364346235864011
Real GDP YOY%1.3%1.8%2.6%1.1%
Reserves 1Y Chg (%)-6%1.8%-0.4%
Total External Debt (%GDP)71%68%64%
Total External Debt (BLN USD)239523682299
Inflation (Risk)
CPI (yoy %)0.1%0.4%1.7%
Trade Balance
Current Account (% of GDP)8.4%8.3%8%
Exports (BLN USD)131213031408
Imports (BLN USD)105110551163
Unemployment Rate
Unemployment (%)4.4%4%3.6%3.3%

Financial Data

Credit Market (Risk)
10Y Bond Spread (10Y UST)
5Y CDS1322
Equity & Banking Sector (Risk)
1Y Price Change (%) (DAX Index)9.6%6.9%13%-18%
EIU Banking Risk312728
Foreign Exchange (Risk)
3 Month Deposit (%)-0.09%-0.4%-0.4%-0.3%
FX Vol - 3M Implied Vol9.9117.37.3
Historical 3M Volatility109.25.97
Real Effective Exchange Rate9899102103
Real Rates (%)-0.2%-0.7%-2%

Political Risk

Political Risk Exposure
EIU Political Risk182021
Risk From Doing Business
Ease of Doing Business Rank15141720
Starting a Business Rank110107114113
Risk From Government
WGI Control Of Corruption1.81.81.8
WGI Govt Effectiveness1.71.71.7
WGI Regulatory Quality1.71.81.8
WGI Rule Of Law1.81.61.6
Deviation of Germany's risk relative to Geo Peers
-100 = min risk100 = max risk,
Less RiskPeer AverageMore Risk