DHL 2012 Annual Report Download - page 30

consumption remained moderate and foreign trade did not provide any noteworthy
stimulus either. Instead, it was further reductions in public spending that had an impact
on growth.  increased by .  (previous year: . ).
In the euro zone, economic output was down by .  (previous year: +. ) in the
reporting year as a result of the sovereign debt crisis and scal consolidations. Although
on average real public spending in the  declined only slightly, spending cuts and
tax increases slowed private consumption and corporate investment. Domestic demand
fell by about  . e economic downturn was counterbalanced somewhat by foreign
trade. Whilst exports increased only moderately, imports actually decreased. As a result,
foreign trade saw a plus of . percentage points. e variations in growth within the
euro zone remained large: whilst nearly all the southern member states experienced
sharp declines in  and economic output in France stagnated, Germany and Austria
were at least able to achieve moderate growth.
e German economy grew considerably weaker over the course of .  only
increased by .  (previous year: . ), driven by foreign trade. Although exports grew
by only .  (previous year: . ), growth in imports was even more moderate. In light
of the uncertain environment, companies postponed investments. is included invest-
ments in construction, which declined slightly compared with the prior year. Private
consumption expanded only slightly. e upturn in the labour market came to a stand-
still over the course of the year. However, the average annual number of unemployed
workers went down by , to around . million; the working population grew to
. million.
Price of crude oil fluctuates significantly over the year
At the end of , a barrel of Brent Crude was . (previous year: .).
e annual average price of oil was around , only about   higher than in the
prior year. Over the course of the year the price of oil uctuated signicantly between
 and . At the beginning of the year, prices saw a sharp increase based on
robust global economic forecasts and concerns regarding a military confrontation with
Iran. Subsequently, the sovereign debt crisis in the  as well as the ever-growing
weakness in the global economy put pressure on oil prices.
. 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 Euro /  dollar exchange rate
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