Audi 2015 Annual Report Download - page 144

ECONOMIC REPORT
BUSINESS AND UNDERLYING SITUATION
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BUSINESS AND
UNDERLYING SITUATION
/GLOBAL ECONOMIC SITUATION
Global economic growth reached 2.5 (2.7) percent in the 2015
fiscal year. The economic health of most industrial nations
improved, among other factors, thanks to the expansionary
monetary policy of many central banks. Inflation remained at
a low level in industrial nations. Most emerging economies
experienced a slower rate of economic expansion than in recent
years. Further falls in energy and commodity prices in particular
adversely affected the economies of countries that are depen-
dent on their export.
In Western Europe, economic recovery continued with gross
domestic product growing by 1.6 (1.3) percent. Most northern
countries in Western Europe enjoyed solid growth, and the
majority of southern countries also registered an improvement
in economic output. As a result, unemployment in Western
Europe declined to 10.1 (10.7) percent, but remained above
the long-term average. The level of unemployment in Greece
and Spain is still twice that high.
The German economy grew by 1.5 (1.6) percent in 2015 thanks
especially to higher consumer and state spending. Despite the
weak euro, export trade barely provided any extra growth
impetus.
While Central European countries enjoyed a positive economic
development in 2015, the economic situation in Eastern Europe
deteriorated against a backdrop of continuing tension between
Russia and Ukraine as well as falling energy prices. Russia’s
economic output consequently dropped by –3.9 (0.6) percent.
Boosted by the lower unemployment rate and consistently
positive consumer confidence, the U.S. economy expanded by
2.4 (2.4) percent, even though momentum declined as the
year progressed. The strength of the U.S. dollar had a dampen-
ing effect on exports.
In South America, the economic situation was adversely affected
above all by the recessionary development of Brazil, the largest
national economy in the region. Brazil’s economic output fell
by –3.7 (0.1) percent. Lower commodity prices, structural
problems and weak domestic demand were the major drivers
of this economic downturn.
The Asia-Pacific region again achieved dynamic growth. Despite
the falling growth rate, China remained one of the fastest-
growing national economies with a growth rate of 6.9 (7.3)
percent. Alongside economic support measures, the robust
development of the service sector played a major role in this.
Following economic reforms, gross domestic product in Japan
grew by 0.7 (–0.1) percent. Weak domestic and export demand
was the principal reason why economic growth nevertheless
remained only modest.
/INTERNATIONAL CAR MARKET
Worldwide demand for cars increased again in 2015, rising
2.6 percent to a new record of 75.6 (73.7) million passenger
cars. Positive growth rates were achieved above all in the
Western Europe, Central Europe, North America and Asia-
Pacific regions. This contrasted with a marked drop in demand
for cars in Eastern Europe and South America.
ECONOMIC REPORT
In a challenging market environment, the Audi Group maintained its course
of growth in 2015 and increased deliveries of the core brand Audi
by 3.6 percent to the new record total of 1,803,246 cars. New records were
established in a large number of individual markets.