Germany: Staff Report for the 2015 Article IV Consultation

International Monetary Fund

No 2015/187, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; DAX stock market index; article IV report; stock market index; staff appraisal; euro depreciation buttresses export; mortgage loan eligibility; federal government initiate legislation; Current account surpluses; Commercial banks; Cooperative banks; Public investment and public-private partnerships (PPP); Global (search for similar items in EconPapers)
Pages: 71
Date: 2015-07-15
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