DHL 2011 Annual Report Download - page 42
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In the euro zone, the moderate . increase in (previous year: . ) was pri-
marily a result of the very good start to the year. As the year progressed, economic output
grew only slightly and may have actually declined in the fourth quarter. Gross xed cap-
ital formation and foreign trade provided economic stimulus. By contrast, private house-
holds increased spending only minimally. e economy was slowed primarily by the
national debt crisis, which continued to intensify. e need to consolidate state budgets
in the countries a ected continued to rise, with spending cuts and tax increases putting
the brakes on private consumption and corporate investment. Developments varied
greatly again: whilst Germany and Austria recorded high growth rates, the increase in
France was moderate and in Italy weak. Greece and Portugal were in a recession.
German in the reporting year increased by . (previous year: . ), sparked
again by foreign trade. Exports were up by a solid . However, the primary growth
driver was domestic demand. Corporate and construction spending was up considerably.
Private consumption continued to rise, albeit only moderately. e sustained upturn had
a very positive impact on the labour market. e average annual number of unemployed
workers in Germany fell by approximately , to around . million. e country
saw the best unemployment (annual average of . ) and employment rates (annual
average of over million) since reuni cation.
Crude oil prices up
At the end of the reporting year, a barrel of Brent Crude was . (previous
year: .). e annual average price of oil was around , some higher
than in the prior year (approximately ). Over the course of the year the price of
oil uctuated signi cantly between and . At the beginning of the year, it
saw a sharp increase based on the robust global economy and the wave of protests in
northern Africa, which also swept Libya, an important oil-producing country. As the
economy cooled, the price decreased again. In addition, the oil supply continued to
increase because the members exceeded their production quotas.
. Brent Crude spot price and euro / dollar exchange rate in
160 .
.
140 .
.
120 .
.
100 .
.
80 .
.
60 .
January March June September December
Brent Crude spot price per barrel Euro / dollar exchange rate
Deutsche Post DHL Annual Report
36