DHL 2012 Annual Report Download - page 29

Remuneration of the Board of Management
and the Supervisory Board
e basic features of the remuneration system for the Board of Management and
the Supervisory Board are described in the Corporate Governance Report under
remuneration report. e latter also forms part of the Group Management Report.
Economic parameters
Global economy only grows at slow pace
In , the global economy grew at only a slow pace, aected primarily by the sov-
ereign debt crisis in the European Monetary Union , the result of which caused
the euro zone overall to fall back into a recession. Growth in the developed industrial
countries in  continued to slow compared with the already weak prior year. e
emerging markets also saw a considerable decline in momentum. Overall and adjusted
for purchasing power, global economic output in  grew by only .  (previous
year: . ). Growth in global trade weakened even further to just below   : . ,
: . .
. Global economy: growth indicators in 
Gross domestic
product  Exports
Domestic
demand
China 7.8 7.9 n / a
Japan 1.9 – 0.3 2.8
 2.2 3.2 2.1
Euro zone – 0.5 2.8 –2.0
Germany 0.7 4.1 – 0.3
Data partially estimated, as at  January .
Sources: Postbank Research, national statistics.
Asian countries again generated the highest economic momentum. However, the
upwards trend lost a great deal of speed. Gross domestic product  was . 
( previous year: . ) and therefore the lowest growth rate in the past decade.
In China, the government made eorts to boost domestic demand. However, it
was unable to completely compensate for the negative impact of weak foreign demand.
 only grew by .  (previous year: . ), the lowest rate since the start of the
new millennium. Exports increased by .  (previous year: . ). However, because
imports were down even more at .  (previous year: . ), the trade surplus in-
creased considerably from  billion to  billion. Nevertheless, the country
remained attractive to foreign investors, who made direct investments in the amount
of . billion (previous year:  billion).
e Japanese economy saw a strong recovery at the beginning of the year, only to
see a marked decrease over the course of the year. Exports were up only slightly overall.
Since imports increased considerably at the same time, foreign trade had a noticeably
adverse eect on growth. By contrast, comparatively high growth rates were seen in pri-
vate consumption and investments. Overall  was up by .  (previous year: –. ).
In the United States, the economy recovered slightly in the reporting year. Gross
xed capital formation was the primary driver of growth. Investments in residential
housing, which saw growth percentages in the double digits, played a key role. Private
Corporate Governance, page  ff.
Deutsche Post DHL Annual Report 
Group Management Report
Business and Environment
Economic parameters
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