Audi 2013 Annual Report Download - page 159

ECONOMIC REPORT
BUSINESS AND UNDERLYING SITUATION
MANAGEMENT REPORT
156
A
BUSINESS AND
UNDERLYING SITUATION
/ GLOBAL ECONOMIC SITUATION
Growth in the global economy picked up speed over 2013, but
at 2.5 (2.6) percent the rate of increase was slightly below that
of the previous year due to the subdued economic performance
of the first half. From a low starting level, the economic situa-
tion in industrialized nations improved somewhat, despite
continuing structural challenges. On the other hand, most
emerging economies again achieved above-average growth
rates. Though many central banks adhered to expansionary
monetary policies, average inflation for the year remained at a
moderate level overall.
In Western Europe, economic development stagnated mainly as
a result of the sovereign debt crises and the continuing struc-
tural problems. In the previous year, gross domestic product had
even dipped by 0.3 percent. Despite signs of a slight recovery,
most countries on the southern fringe of Western Europe again
saw negative rates of growth. In contrast, the economic devel-
opment in the remaining Western European countries was
predominantly positive. Meanwhile, tension in the labor market
in Western Europe showed no signs of easing. The unemploy-
ment rate rose to 11.3 (10.7) percent and thus remained above
the long-term average. In Greece, Spain, Portugal and Cyprus,
the unemployment rate was significantly higher.
Economic growth in Germany was down on the previous year
at 0.5 (0.9) percent. The domestic economy showed upward
tendencies thanks to the continuing favorable trend in the
labor market and positive consumer confidence. At the same
time, the still-moderate performance of the global economy
held back international trade by the export-focused German
economy.
Economic development in Central and Eastern Europe exhibited
a slowdown over the past year. The principal cause was the
more subdued development of the Russian economy, which
expanded by a mere 1.6 (3.4) percent.
In the United States, gross domestic product was up just slightly
by 1.9 (2.8) percent despite more buoyant consumer confidence
and the improved labor market. Growth was inhibited by the
tax increases and state spending cuts which took effect at the
start of the year.
The Latin America region, on the other hand, saw the pace of
economic development quicken slightly. Gross domestic prod-
uct in Argentina and Brazil increased by 4.9 (1.9) percent and
2.3 (1.0) percent respectively, though structural deficits and
high inflation continued to weigh on development in both
countries.
Asia’s emerging economies again enjoyed the most dynamic
rates of expansion in 2013. China exceeded the state target of
7.5 percent to achieve a growth rate of 7.7 (7.7) for gross
domestic product. China was therefore the powerhouse of the
global economy once again. In India, economic growth of
5.0 (5.1) percent was influenced by high inflation and a chal-
lenging economic environment.
Japan’s gross domestic product climbed 1.7 (1.4) percent on
the back of economic stimulus measures and the substantial
devaluation of the yen.
/ INTERNATIONAL CAR MARKET
Global demand for cars grew at a rate of 5.0 percent in 2013
to 70.1 (66.7) million passenger cars – a new all-time record –
despite the global economy’s merely moderate growth. The
development was driven by the Asia-Pacific and North America
regions, while Latin America remained flat at the previous
year’s high level and European sales regions again contracted.
ECONOMIC REPORT
The Audi Group held its ground in 2013 in a challenging market environment
and increased deliveries of the core brand Audi by 8.3 percent to 1,575,480
cars. As a result, the strategic goal of delivering over 1.5 million vehicles to
customers worldwide was easily exceeded two years earlier than planned.