Germany

After it maintained a high economic growth pace for two consecutive years (2010 and 2011), in 2012, against the background of the deterioration of the global economic climate and of the interaction of perturbing external factors – the deep recession affecting the countries of the southern periphery of the European Union, correlated with the visible slowdown of the growth pace of emerging markets, as well as with the increased uncertainty related to the sovereign debt crisis in the Eurozone – Germany’s economic growth was below potential, marking an “attenuation†of the country’s economic impetus. In the opinion of international experts, despite the redress of the external economic context starting with the second quarter of 2013, which had a stimulating effect on exports, doubled by the solid foundation of the German economy – high competitiveness and a strong labour market – the reduced results of the first months are not likely to be balanced during the current year, determining the downward adjustment of initial forecasts. Nevertheless, Germany will continue to represent the “economic engine and stability anchor†of the Union, and forecasts for 2014 highlight a series of favourable conditions that will generate a positive impact on the overall performance of the German economy. The present paper aims to analyse the main drivers of economic growth in Germany in 2012 and furthermore to review the relevant international forecasts of economic activity in 2013/2014.