Annual Report

Annual Report 2011

Manangement Report of the Bank and Group Management Report for 2011 Germany‘s economy recorded strong growth in 2011. Despite the increasing deceleration of the global economy at the end of last year, despite the European debt crisis and comprehensive austerity measures in many countries, preliminary calculations by the German Statistical Office suggest that price-adjusted GDP grew by 3.0 % against the previous year. All in all, 2011 was one of the most successful years for the German economy since German reunification with the economic recovery process continuing for the second year after the recession in 2009 (GDP: -5.1 %). The sound economic growth had a positive impact on developments on the German labour market. In 2011, the number of gainfully employed persons exceeded the 41.0-million mark for the first time, mainly due to more jobs subject to social security contributions and a parallel decline in the number of mini jobs. Furthermore, an average of 3.0 million people were registered as unemployed with the job centres amidst the European debt crisis. At 7.1 %, Germany‘s unemployment rate fell to the lowest level in 20 years. The last year when fewer job-seekers were registered was 1991.