DHL 2012 Annual Report Download - page 30
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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 signicantly 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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