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Annual Report 2012

In 2012, Germany‘s export-orientated economy was not fully able to escape the repercussions of Europe‘s debt crisis. However, the economy did prove to be very robust in what was a difficult economic climate. According to the latest calculations by the German Statistical Office, price-adjusted growth of Germany‘s economy was up 0.7 % against the previous year.

In the two years previous, economic growth has been much higher (+4.2 % in 2010 and +3.0 % in 2011) primarily due to the catching-up processes that followed the global economic crisis in 2009. In the fourth quarter of 2012, Germany‘s economy did, however, become increasingly drawn into the European recession and declined slightly.

In 2012, the German labour market fared well and proved to be resistant to the difficult developments in the rest of Europe. On the whole, employment figures were up. In 2012, the increase (for the sixth year in succession) to around 41.6 million jobs (+1.0 %) was primarily due to the creation of full-time jobs subject to compulsory social security contributions and a parallel decline in the number of part-time jobs.

The slight economic growth had a positive impact on unemployment figures. Amidst the European debt crisis, an average of 2.9 million people were registered as unemployed, the lowest figure since 1991.

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