Germany is the largest economy in the Euro zone, with nominal GDP totalling €3332.2bn in 2020. The country’s population was estimated at 83.5mn (United Nations) in 2019. In 2020, the top export destination for German goods was the United States, closely followed by China and France.

Variables Surveyed for Germany

Variables covered in our monthly analysis of Germany include:

  • Gross Domestic Product
  • Private Consumption
  • Machinery and Equipment Investment
  • Industrial Production
  • Consumer Prices
  • Producer Prices
  • Negotiated Wages and Salaries
  • Unemployment Rate
  • Current Account
  • General Government Budget Balance
  • Interest Rates
  • Euro Currency Forecasts

Consensus Forecasts for Germany

Individual panellist forecasts are shown for each of the variables surveyed, along with the consensus (mean) forecast. The rows of forecasts are ranked by the GDP growth estimate for the current year, highest to lowest. In the hard copy and pdf version of the publication, we also show selected “comparison forecasters”  including the IMF, OECD, and European Commission. The table below shows a small example set of forecasts for GDP growth and Consumer Prices (CPI), taken from our survey of November 2020.

Germany Consensus Forecasts - GDP Growth and Consumer Prices


Special Surveys

In addition to the regular surveys for the variables listed above we also undertake a number of Special Surveys for Germany on topics such as:

Comprehensive Forecasts Coverage

Consensus Economics has collected forecasts for more than 30 years, building up a comprehensive catalogue of historical forecasts data. Please enquire at should you wish to find out more about these data offerings, pricing and the different platforms by which you can access them.

Main Data Sources for Germany

  • Destatis: The Federal Statistical Office compiles official data on society, the economy, the environment and the state.
  • Bundesbank: The Deutsche Bundesbank is the independent central bank of the Federal Republic of Germany.
Selected historical data for Germany is shown in the table below: Germany Historical Economic Data

Germany - Key Topics to look out for in 2021

  • How rapidly will Germany recover post-Covid, and when will GDP growth return to pre-crisis levels?
  • How will the powerful manufacturing base deal with global trade frictions (including Brexit) and the electric vehicle revolution?
  • At what pace will the government aim to rein in the budget deficit after unprecedented stimulus to support businesses and households during the pandemic?

Download a Recent Sample Copy

If you would like to view an entire copy of our G7 and Western Europe publication, containing forecasts for Germany and the 24 other featured economies, please click on the link below.