DHL 2008 Annual Report Download - page 33
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Deutsche Post World Net Annual Report 2008
In the United States, the housing market crisis, the weakness of the nan-
cial markets and the at times very high oil prices have led to agging domestic trade.
Private consumption stagnated overall, even shrinking in the second half of the year.
e economy was propped up by foreign trade, although this also began to su er as a
result of the global recession in the further course of the year. Gross domestic product
grew by as little as . (previous year: .), the smallest increase since the
recession of .
Even Asia was unable to buck the global trend. Although the continent’s emerging
markets recorded the highest growth at nearly , this still fell well short of the prior-
year gure (+ .). In China, increased by . and exports improved by ..
e trade surplus climbed to some billion. e country is also retaining its appeal
to foreign investors, whose direct investments actually rose to around billion.
Since the Japanese economy depends heavily on exports, it has been particu-
larly hard hit by the global slowdown. fell by ., which means Japan was already
clearly in recession in .
A er a good start to the year, the euro zone economy has been slowing since
the spring. Private consumption and investments have fallen, whilst unemployment
increased. Moreover, the strong euro proved to be a drag on exports. e crisis on the
nancial markets hugely intensi ed the recessive trends in the autumn; only grew
by another . (previous year: .).
Germany also su ered a downturn following the dynamic start to the year.
Foreign trade put a damper on growth and private consumption stagnated. Despite a
noticeable drop in unemployment and increased incomes, German citizens nevertheless
maintained consumption at a constant level. At + ., growth was higher than in
the euro zone as a whole but still well below the prior-year level + ..
Oil price rollercoaster ride
e average annual oil price was around higher than in but prices
were wildly erratic. In the rst half of the year, international oil prices soared. A barrel
( litres) of Brent Crude climbed from just under at the start of the year to
Brent Crude spot price and euro / US dollar exchange rate in 2008
US $
Brent Crude spot price per barrel Euro / US dollar exchange rate
150
135
120
105
90
75
60
45
30
15
0
2.0
1.9
1.8
1.7
1.6
1.5
1.4
1.3
1.2
1.1
1.0
January March June September December
Group Management Report
Business and Environment
29