Overall economic development
Economic development in Germany
After the global economic and financial crisis, the German economy recovered in 2010. According to preliminary estimates of the German Federal Statistical Office, the gross domestic product (GDP) – the measure of economic performance of an economy – increased by 3.6% (adjusted for inflation) in 2010 compared to the prior year. The impetus for growth was due to foreign trade as well as domestic demand. Compared with the prior year, exports increased by 14.2% (adjusted for inflation), and imports increased by 13%. As in prior years, foreign trade was again an important pillar of the German economy. In comparison to 2009, considerably more investments were made in 2010. Gross investments increased by 10.7%. In addition, public consumption grew by 2.2% and consumer spending also grew by 0.5%.
On average, economic performance in 2010 was generated by around 40.5 million wage and salary earners, representing 212,000 people or 0.5% more than in 2009.
Energy consumption in Germany
In comparison to the prior year, energy consumption grew considerably in 2010 due to the economic development and cold weather conditions. According to preliminary figures of the Working Group on Energy Balances [Arbeitsgemeinschaft Energiebilanzen e. V. (AGEB)], consumption of hard coal increased by 15.4%, and compared to the prior year, natural gas sales in Germany also increased by 4.2%. In total, primary energy consumption in Germany increased by 4.6% in 2010.
Development of crude oil prices
After the price of Brent increased in the first months of 2010 to just around US $ 87 per barrel on the global markets, it was followed by a decline in prices in May 2010 to just below the US $ 70 per barrel mark. The subsequent recovery was only temporarily dampened in August 2010. On 31 December 2010, the price of Brent stood at an annual high of just under US $ 95 per barrel.