DHL 2015 Annual Report Download - page 55

Deutsche Post  Group —  Annual Report
Economic parameters
Global economy records weak growth
Growth in the global economy saw a slowdown in . Whereas the economic recovery
picked up slightly in the industrial countries with average gross domestic product 
growth of . , growth in the emerging markets declined to . , well below the pre-
vious year’s level. One of the main contributors to the downturn was the severe reces-
sions in a number of major threshold economies resulting from falling commodities
prices and international conicts. Aer adjustment for purchasing power, global econ-
omic output grew by .  (previous year: . ). Growth in global trade was also rel-
atively moderate, whereby the estimates vary (: . ; : . ).
Global economy: growth indicators in  .
Gross domestic
product  Exports
Domestic
demand
China 6.9 –2.8 n. a.
Japan 0.5 2.7 0.0
 2.4 1.1 3.0
Euro zone 1.5 5.0 1.5
Germany 1.7 5.4 1.6
Data estimated in some cases, as at  February .
Source: Postbank, national statistics.
Asia again provided the strongest economic momentum. However,  growth dropped
to . , down from the prior-year gure of . . e Chinese economy in particular
continued to weaken, with exports falling below the prior-year level and industrial pro-
duction slowing notably.  growth declined to .  (previous year: . ), the lowest
gure since the early s. e Japanese economy has been slow to recover from the
economic setback experienced in the previous year. Private consumption was especially
weak, having registered a signicant decline for the second year in a row. Exports also
suered from the strong upwards valuation of the yen.  increased by just . 
(previous year: . ).
e economic upturn continued in the United States. Private consumption regis-
tered the strongest growth in ten years, thanks in large part to the signicant drop in
energy prices. Investments in machinery and equipment as well as construction spend-
ing saw another increase. However, growth was signicantly impeded by foreign trade.
 rose by .  overall (previous year: . ), and the unemployment rate dropped
substantially.
e euro zone economy strengthened during the reporting year. Increases were seen
in private consumption, government spending and gross xed capital formation. Foreign
trade also picked up, with the growth distributed almost equally between imports and
exports. All in all, this led to  growth of .  (previous year: . ). Although the
individual countries reported great variations in performance, all except Greece reported
positive growth rates. Unemployment decreased as a result. At an average of . , how-
ever, the unemployment rate remained at a very high level.
e German economy grew steadily in . Exports benetted from the weak euro,
and imports from the sharp rise in domestic demand. Private consumption thus proved
to be the main growth driver. Government spending also rose. By contrast, growth of
gross xed capital formation declined.  grew by .  overall (previous year: . ).
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Group Management Report — REPORT ON ECONOMIC POSITION — Overall Board of Management assessment
ofthe economicposition — Forecast / actual comparison — Economic parameters