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Economic parameters
Global economy witnesses very cautious growth
e global economy witnessed very cautious growth in . Growth rates lagged
behind the prior-year gures, which were already only marginal, in the industrial
countries as well as the emerging markets. is was a consequence of a weak phase
at the very start of the year. Although the economy then proceeded to recover – quite
signicantly in some industrial countries – overall global economic output grew by just
. in aer adjustment for purchasing power (previous year: . ). Global trade
increased slightly with a rise of nearly : . ; : . .
. Global economy: growth indicators in
Gross domestic
product Exports
Domestic
demand
China 7.7 7.9 n / a
Japan 1.7 1.6 1.7
1.9 2.8 1.7
Euro zone – 0.4 1.6 – 0.9
Germany 0.4 0.6 0.7
Data partially estimated, as at February .
Sources: Postbank, national statistics.
Asian countries again generated the highest economic momentum, with gross
domestic product increasing by . (previous year: . ). In China, rising
demand in individual industrial countries led to an increase in exports. e govern-
ment also continued its eorts to boost domestic demand. Total growth remained
on a par with the prior year at . (previous year: . ). e Japanese economy grew
sharply in the rst half of the year as a result of expansive monetary and scal policies.
ese eects waned as the year progressed and the upturn abated somewhat. Growth
in private consumption and government spending as well as rising investments led to
signicant growth in domestic demand. Exports were up slightly overall on an annual
average. Despite the strong upward trend, only increased by . due to the low
initial base (previous year: . ).
e economy suered from government budget cuts and tax increases at the
start of the year. From spring onwards, however, growth picked up markedly. Along
with an increase in private consumption, growth was also driven by gross xed capital
formation and housing construction. Foreign trade did not impair growth, but the neg-
ative impact resulting from a signicant decline in government spending was notable.
increased by . (previous year: . ).
In the euro zone, economic output was down by . in the reporting year
( previous year: –. ). At the beginning of the year, economic output continued to
suer from the sovereign debt crisis. e consolidation measures put into eect in
some countries slowed not only government spending but also private consumption,
which decreased by . on average for the year as unemployment rates proved to
be exceptionally high. Gross xed capital formation declined by . and domestic
demand by . . e moderate expansion in foreign trade acted to slow the decrease
in by . percentage points. Nonetheless, the economy improved over the course
of the year. Growth rates began rising again in the second quarter, a development that
extended to nearly all of the countries in crisis as the year progressed.
44 Deutsche Post DHL 2013 Annual Report
Report on Economic Position
Economic parameters
Group Management Report