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Germany: Staff Report for the 2015 Article IV Consultation

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  • 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.

Suggested Citation

  • International Monetary Fund, 2015. "Germany: Staff Report for the 2015 Article IV Consultation," IMF Staff Country Reports 2015/187, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2015/187
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=43082
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    Cited by:

    1. Beirne, John & Renzhi, Nuobu & Volz, Ulrich, 2021. "Persistent current account imbalances: Are they good or bad for regional and global growth?," Journal of International Money and Finance, Elsevier, vol. 115(C).

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