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Posts Tagged ‘germany economic crisis’

German Business Confidence Sinks As Eurozone Debt Crisis Rages

August 27th, 2012 Comments off

The ifo index of 7000m German businesses and their perception of business trends registered a decline from 103.2 in July to 102.6 in August. The contraction in business confidence was more than analysts had forecast, and is a sign of growing worry among business decision-makers in Germany as many large markets within the Eurozone for German goods face a profound economic crisis related to the ongoing debt crisis.

While Germany remains the largest economy within the Eurozone, the ifo index for Augusts shows that Berlin is not immune to the impact of the worsening Eurozone debt crisis. There are many reasons for worry in Germany. Not only is the European sovereign debt crisis inflicting economic damage; Germany is paying a high fiscal price for being the lender of last result within the Eurozone. German taxpayers are being asked to pick up a major portion of the cost of bailouts for Eurozone economies mired in the debt crisis. A combination of diminished exports to Eurozone members and fiscal damage to Germany’s balance  sheet does not bode well for future prospects for Germany’s economy.

 

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German Economy Contracted By 5% In 2009

January 14th, 2010 Comments off

Germany’s Federal Statistics Office  is reporting that the global economic crisis led to a contraction of 5% in the nation’s GDP during 2009. This was by far the worst drop in economic output experienced by Germany since the end of World War II. Major factors in the decline were a sharp falloff in exports due to the collapse in global trade and the constriction of investment activity.

Berlin is projecting growth of up to 1.5% in  2010. Even if this figure holds true, this will still represent a significant long-term contraction in national GDP from peak potential. More importantly, whatever tepid GDP expansion that is occurring is due almost entirely to government stimulus spending. Any trimming of the government’s fiscal pump-priming may send the German economy back into a steep recession. As Germany is the center of economic gravity for the Eurozone, its economic afflictions will undoubtedly impact every other European economy in significant ways.