Global economic development.
In 2013, the global economy showed only cautious growth: In its current forecast from January 2014, the International Monetary Fund expects the global economy to have grown by 3.0 percent in 2013; growth in the previous year was 3.1 percent. Some contrasting developments could be observed in individual national economies in 2013: While growth rates in the United States, Western and Central Europe increased from the middle of the year, they decreased slightly in emerging markets.
The economic situation in our core markets improved slightly over the course of the year. Gross domestic product (GDP) grew by 0.5 percent in Germany – a greater increase than in other Western European countries. In the United States, the economic situation of private households continued to improve, while the real estate market also recovered further. Overall, the U.S. economy grew by 1.9 percent in the reporting period. However, austerity measures prevented stronger economic growth. Almost all national economies in our Europe operating segment recorded an improvement in economic development in the second half of the year. The decline in Greece’s economic performance was significantly tempered for the first time by the end of the year. However, at the end of 2013, Greece remained in a recession with a growth rate of minus 3.5 percent. The Czech Republic, the Netherlands, and Croatia also recorded negative growth rates for the full year 2013. By contrast, growth was seen in the Romanian, UK, Polish, Hungarian, Slovakian, and Austrian economies.
Table 015 shows the GDP growth rate trends in 2013 in our most important markets.
|Q1 2013 |
|Q2 2013 |
|Q3 2013 |
|Q4 2013 |
for full year
|Source: Oxford Economics, January 2014.|