DHL 2014 Annual Report Download - page 50
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 |
 |
e German economy had a positive start to . However, it then began to falter
primarily in light of on-going international political conicts. Economic output largely
stagnated from the start of the second quarter. Nonetheless, overall increased by
. (previous year: . ). Despite slumps in individual countries, growth in exports
slightly exceeded that in imports to reach nearly . Gross xed capital formation in
fact expanded considerably by around on an annual average. Private consumption
increased by . (previous year: . ). e labour market developed positively, with
the average annual number of employed workers increasing to . million (previous
year: . million).
Crude oil prices fall sharply
At the end of , a barrel of Brent Crude was . (previous year: .).
e price of oil fell by approximately on the previous year to just under per
barrel on average for the year. Over the course of the year, oil prices uctuated massively
between and . From the middle of , the price of oil was in constant
decline as a result of a notable increase in global supply – not least due to rising oil
production in the – in combination with only moderate demand. Moreover,
was not able to agree upon reduced production quotas.
. Brent Crude spot price and euro / dollar exchange rate in
140 1.55
1.50
120 1.45
1.40
100 1.35
1.30
80 1.25
1.20
60 1.15
1.10
40 1.05
January March June September December
Brent Crude spot price per barrel in dollars Euro / dollar exchange rate
Central bank’s expansive monetary policies weaken the euro
e sharply declining rate of ination in the euro zone in conjunction with the weak
economy induced the European Central Bank to lower its key interest rate by .
percentage points in both June and September to reach . . At the same time, the
reduced its deposit rate by a total of . percentage points to reach –. . is means
that banks are obliged to pay penalty interest in that amount on their deposits with the
. In addition, the central bank decided in September to buy covered bonds and asset-
backed securities. At the beginning of it then decided to purchase bonds in the
amount of billion every month from March until at least September . e
Federal Reserve maintained its key interest rate at between and . throughout
. However, it gradually reduced the volume of purchases of government bonds and
mortgage-backed securities and discontinued buying altogether in October.
Deutsche Post Group — Annual Report
44