Deutsche Bank

Annual Report 2017

The Global Economy

Economic growth (in %)1

20172

2016

Main driver

1

Annual Real GDP Growth (% YoY). Sources: National Authorities unless stated otherwise.

2

Sources: Deutsche Bank Research.

3

Including China, India, Indonesia, Republic of Korea, and Taiwan, ex Japan.

Global Economy

3.8

3.2

Global economic growth and global trade with strong momentum. The global economy surprised to the upside despite gradual tightening of monetary policy.

Thereof:

 

 

 

Industrialized countries

2.2

1.6

The global momentum plus market-friendly results of European elections pushed growth in industrialized countries.
Emerging markets benefitted from higher crude oil prices and the strong Asian economies.

Emerging markets

4.9

4.3

Eurozone Economy

2.5

1.8

Results of European elections impacted markets positively. Both consumption and investment activity lifted economic growth, in particular in the second half of the year.
The German economy also surprised to the upside, almost solely driven by the domestic economy. A very tight labor market, an expansionary monetary policy and additional fiscal stimuli led to growth above trend.

Thereof: German economy

2.2

1.9

U.S. Economy

2.3

1.5

The U.S. economy performed almost as expected. The key driver of the U.S. economy remains consumer spending backed by a well-functioning labor market.

Japanese Economy

1.8

0.9

The Japanese economy had a balanced growth mix, where both the domestic and foreign sector contributed to GDP growth.

Asian Economy3

6.1

6.2

Strengthening intra-Asian trade is a key driver of the growth. Emerging markets Asia remains the global powerhouse in terms of GDP growth.
The Chinese economy expanded slightly stronger than expected. Risks from the overvalued real estate sector did not materialize.

Thereof: Chinese Economy

6.9

6.7