DHL 2014 Annual Report Download - page 49

Economic parameters
Global economy records irregular growth
e global economy registered cautious growth in . Whereas the economic situation
in industrial countries improved with average  growth of approximately . per-
centage points, growth in the emerging markets dropped below the previous year’s level.
Anumber of major emerging economies – Russia in particular but also Brazil – saw an
economic downturn as a result of international conict and falling commodities prices.
Total global economic output grew by .  in  aer adjustment for purchasing
power, as in the prior year. Global trade saw a similar increase : . ; : .  .
. Global economy: growth indicators in 
Gross domestic
product  Exports
Domestic
demand
China 7.4 6.1 n / a
Japan 0.3 8.0 0.2
 2.4 3.1 2.6
Euro zone 0.8 3.7 0.8
Germany 1.5 3.7 1.2
Data estimated in some cases, as at  February .
Source: Postbank research, national statistics.
Asia again generated the strongest economic momentum, with  increasing by . 
(previous year: . ). In China, exports weakened. e government’s eorts to stimulate
consumer demand failed to fully oset the declining export trend.  growth declined
to .  (previous year: . ), the lowest gure since the early s. e Japanese econ-
omy was shaped by the hey increase in value added tax in the spring. Although the year
started out strongly due to purchases being brought forward, a sharp decline ensued in
the second quarter before the economy began accelerating again towards the end of the
year. On the whole, private consumption suered whilst exports rose signicantly and
 increased by .  (previous year: . ).
In the United States, the upswing held rm. Aer a weak start to  due to weather
conditions, the economy gained considerable momentum as the year progressed. Invest-
ments in machinery and equipment as well as construction increased quite signicantly.
Consumer spending by private households also rose steadily. e growth trend remained
unaected by both foreign trade and – as in the previous years – declining government
spending.  increased by .  (previous year: . ), which also beneted the labour
market in the form of a substantial decline in the unemployment rate.
In the euro zone, economic recovery was steady but sluggish. Private consumption
increased slightly by . . Government spending also rose to a comparable extent.
Gross xed capital formation increased by approximately .  and domestic demand
by . . Foreign trade was also revitalised. All in all, this led to  growth of . 
(previous year: –. ). Whereas the economic situation improved notably in some 
member states, in others the recession persisted. e situation on the labour market
improved slightly. However, at an average of .  the unemployment rate remained
at a very high level.
Deutsche Post  Group —  Annual Report
43
Group Management Report — REPORT ON ECONOMIC POSITION — Overall Board of Management assessment
of the economic position — Forecast / actual comparison — Economic parameters