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Briefing

Germany: Export Sector

Appears in: Europe, Macroeconomy, Eurozone, Germany, International Trade and Globalization, Sectors and Industries

Critical Issues

Background:

Germany’s economy depends heavily on exports. This economic model enabled the country to benefit more than others from the past years of global economic expansion despite weak German consumer spending growth. Between 2004 and 2007 net exports accounted for 60% of growth and the country's current-account surplus climbed to a hefty 6% of GDP in 2007. The expected drop in German GDP of 5% in 2009 will be largely due to cooling export markets. As a result the debate has emerged whether Germany should shift its economic approach relying more on domestic demand instead of external conditions and undiversified specialization patterns.

 

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