Global GDP Growth: Overview
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth. The US, China, Japan, Germany, and India are the leading economies around the world in terms of real GDP. In 2021, China had the most significant real GDP with a value of $12.7 trillion, after the US. Japan ranked third globally in real GDP during the same period with $6 trillion. The other two leading economies are Germany and India, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
Germany Exports: Overview
The trade surplus in 2020 was $188.1 billion, which increased to $210.6 billion in 2021, as exports grew at a faster pace than imports. Furthermore, in 2022, the trade surplus is forecast to rise to $220.4 billion, according to Global Data.
Nuclear reactors, boilers, machinery, and mechanical appliances are the largest export items in 2021, with a share of 16.5% of total exports, followed by vehicles (15.1%) and electrical machinery and equipment and parts thereof (10.8%) during the same year. The automobile sector plays a key role in the country. The presence of renowned brands such as Audi, BMW, and Mercedes-Benz has enabled Germany to develop a competitive and innovative automobile sector. Germany is the second largest exporter of nuclear reactors, boilers, and machinery in the world as of 2020 (11.4% share in World exports), just behind China, which has a 21.1% share in total world exports.
Germany Exports as a % of GDP
Exports as a % of GDP of Germany was 38.9% in 2021, decreased by 8.6% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Germany decreased by 10.7%. The indicator was highest in the years 2017 and 2018 at 47.9% and lowest in the year 2021 at 38.9%.
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