2017 Integrated Report – Departure into a new era

Strong global demand promotes world trade

Development of important macroeconomic indicators
compared to the previous year
(%)

2017

2016

2015

Global trade (in real terms)

Trade in goods

+5.9

+2.2

+1.7

GDP

Global 

+3.0

+2.4

+2.8

USA

+2.3

+1.5

+2.9

China

+6.9

+6.7

+6.9

Japan

+1.8

+0.9

+1.4

Europe

+2.7

+2.0

+2.4

Eurozone

+2.5

+1.8

+2.0

Germany

+2.5

+1.9

+1.5

The data for 2015 to 2017, adjusted for price and calendar effects, is based on information and estimates available as of February 2018.
Source: Oxford Economics

Global economic growth picked up perceptibly in 2017. Virtually all the major economies contributed to this, with the exception of Great Britain. One of the main reasons was the improvement in world trade, taking the form of higher net ex­­­­­ports – in China especially, but also in Germany. The Eurozone benefited from the strongest economic upturn in the last ten years. In many countries, though, partly be­cause of the rise in energy prices, inflation was higher than in previous years – curbing growth in real incomes. Even so, widespread positive developments on the labor market kept growth in private consumption at a stable level. Pro-E­uropean election results in Europe decreased uncertainty, contributing to growth in investments in the second half of the year.