德国经济与公共财政状况评述（2022）

Abstract:In 2022，the German economy performed better than expected，with GDP growing by 1.8%. The performance of the German economy was mixed，with recovery in consumer services but poor performance in manufacturing and construction. Private consumption in Germany is strong and has almost recovered to pre-pandemic levels. Inflation rose to a record 6.9% in 2022，well above Germany’s historical average. Germany has a strong labor market and a chronic shortage of workers. Its foreign trade surplus narrowed sharply，and German manufacturing is facing tougher challenges. German corporate bankruptcies as a whole were higher than a year ago，though they remained historically low. In order to stimulate economic growth and cope with the challenges of adverse factors，Germany adopted a series of targeted fiscal policies：suspending the constitutional “debt brake” for the third consecutive year，budgeting an extra €100 billion in defense spending，giving priority to supporting Germany’s energy transition，amending the employment law and implementing a reform of the immigration policy. It launched successive measures to mitigate the influence of high inflation and helped enterprises within the confines of the EU regulatory framework. In 2023，Germany will still face high inflation，higher interest rates from the European Central Bank and a growing debt burden.

收起