Porsche 2015 Annual Report Download - page 46

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Global Economy Experiences Very Moderate Growth
Global economic growth declined slightly to 2.5 percent in financial year
2015 (previous year: 2.7 percent). The economic situation in the industri-
alised nations improved somewhat, while growth rates in many emerging
economies lost momentum as the year progressed. The comparatively low
energy and commodities prices impacted the economies of the individual
countries reliant on them but proved supportive for the global economy
overall.
The economic recovery continued in Western Europe, with GDP growth
increasing to 1.6 percent in 2015 (previous year: 1.3 percent). Germany’s
growth of 1.5 percent (previous year: 1.6 percent) placed it in this bracket.
By contrast, recessive tendencies were observed in Eastern Europe. The
conflict between Russia and Ukraine combined
with declining energy prices had a negative
impact; Russia’s economic output decreased
by 3.9 percent (previous year: growth of
0.6percent). Following a very robust first
half of 2015, economic growth in the United
States lost momentum somewhat as the year
progressed. However, growth amounted to
2.4percent (previous year: 2.4 percent) overall.
China also lost momentum, although its
economy expanded by 6.9 percent (previous
year: 7.3percent).
The global automobile market grew by
2.6percent to 75.6 million vehicles in 2015.
While Western Europe, North America and the
Asia-Pacific region saw increases, some signifi-
cant, volumes in the passenger car markets in
Eastern Europe and South America were again
down considerably year-on-year. At 13.2 million
vehicles, Western Europe recorded its highest
number of new vehicle registrations in six years.
Germany accounted for 3.2 million units, up
5.6percent. France (6.8 percent) and the United
Kingdom (6.3 percent) saw similar growth rates.
Double-digit demand for passenger cars was
recorded in Spain (20.9 percent, buoyed by
state subsidies) and Italy (15.5 percent). The
fall in demand in Eastern Europe was primarily
due to the slump in the Russian passenger car
market.
Business
Development
Economic Growth
Change in GDP
2.5 % 2.5 %
2.2 % 2.4 %
0.6 %
1.5 %
– 0.3 %
1.6 %
7.7 %
6.9 %
China
Germany
Western Europe
USA
Global Economy
2015201420132012
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Annual Report — Porsche AG — 2015
Business Development42