Germany

 Pre-Meeting Forecasts,Oct 2005                                          Project LINK -   UN/DESA Oct. 26th 2005

                                  |  2003    2004  %chg    2005  %chg    2006  %chg    2007  %chg    2008  %chg  |
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                               Aggregate Demand (Billions of D.M., Current Prices)
 Priv consumption    130 CP       | 2449.6  2498.8   2.0  2523.6   1.0  2561.3   1.5  2613.2   2.0  2666.5   2.0 |
 Gov cons            131 CST      |  800.4   794.7  -0.7   796.2   0.2   803.4   0.9   811.7   1.0   821.4   1.2 |
 Fixed Investment     93 IAN      |  739.8   741.2   0.2   735.8  -0.7   746.6   1.5   764.3   2.4   784.7   2.7 |
 Inventory chg       105 IL       |   30.3    48.7  60.4    65.9  35.5    69.4   5.2    58.6 -15.5    44.4 -24.2 |
 Export G+S           94 EX       | 1511.7  1648.0   9.0  1756.2   6.6  1874.2   6.7  2016.4   7.6  2172.5   7.7 |
 Import G+S          212 IM       | 1329.9  1423.6   7.0  1525.6   7.2  1613.0   5.7  1713.5   6.2  1823.0   6.4 |
 Gross dom prod      155 BIP      | 4201.9  4307.7   2.5  4352.2   1.0  4441.9   2.1  4550.6   2.4  4666.4   2.5 |
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                                 Aggregate Demand (Billions of D.M., 1991 Prices)
 Priv consumption     36 CP91     | 2210.3  2223.5   0.6  2212.4  -0.5  2208.0  -0.2  2216.8   0.4  2227.9   0.5 |
 Gov  consumption     69 CST91    |  754.4   742.3  -1.6   736.4  -0.8   737.8   0.2   739.3   0.2   741.5   0.3 |
 Fixed invest         40 IAN91    |  757.7   756.9  -0.1   750.7  -0.8   762.4   1.6   783.4   2.7   806.2   2.9 |
  - Mach + Equip      46 IAU91    |  293.5   301.1   2.6   313.5   4.1   327.6   4.5   342.9   4.7   359.3   4.8 |
  - Construction      47 IB91     |  411.0   401.6  -2.3   381.9  -4.9   377.3  -1.2   379.2   0.5   382.2   0.8 |
 Inventory chang      39 IL91     |   35.7    54.9  53.7    73.8  34.5    76.6   3.8    63.7 -16.8    48.0 -24.7 |
 Export G+S           41 EX91     | 1442.7  1574.9   9.2  1667.9   5.9  1776.4   6.5  1905.4   7.3  2048.2   7.5 |
 Import G+S          211 IM91     | 1265.8  1354.3   7.0  1411.2   4.2  1483.2   5.1  1567.1   5.7  1657.7   5.8 |
 Gross dom prod       57 BIP91    | 3935.1  3998.1   1.6  4029.9   0.8  4078.0   1.2  4141.5   1.6  4214.2   1.8 |
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                                               Balance of Payments
 Exports BOP         298 VXLB     |  751.3   909.8  21.1   979.2   7.6  1022.4   4.4  1130.1  10.5  1260.0  11.5 |
 Imports BOP         299 VMLB     |  585.3   698.1  19.3   770.6  10.4   808.3   4.9   876.2   8.4   958.0   9.3 |
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                                 Trade (Billions of U.S. Dollars, Current Prices)
 Exports SITC 0-1    323 VXL01    |   24.0    28.9  20.4    30.6   5.8    32.4   6.1    34.6   6.7    37.0   6.8 |
         SITC 2+4    324 VXL24    |   12.8    15.6  22.0    16.0   2.6    16.3   2.0    16.8   2.8    17.3   3.0 |
         SITC 3      325 VXL3     |   14.3    20.8  45.2    32.1  54.3    36.2  12.6    37.2   2.8    38.2   2.8 |
         SITC 5-9    326 VXL59    |  700.2   844.5  20.6   900.5   6.6   937.4   4.1  1041.5  11.1  1167.5  12.1 |
        All goods    327 VXL09    |  751.3   909.8  21.1   979.2   7.6  1022.4   4.4  1130.1  10.5  1260.0  11.5 |
 Imports SITC 0-1    333 VML01    |   39.1    44.6  14.0    47.0   5.4    48.5   3.2    49.9   2.7    51.3   3.0 |
         SITC 2+4    334 VML24    |   21.2    25.9  22.2    27.9   8.1    28.5   2.0    29.5   3.3    30.2   2.6 |
         SITC 3      335 VML3     |   57.9    77.1  33.0   111.9  45.2   125.6  12.3   126.2   0.5   126.8   0.4 |
         SITC 5-9    336 VML59    |  467.1   550.6  17.9   583.8   6.0   605.6   3.7   670.7  10.7   749.6  11.8 |
        All goods    337 VML09    |  585.3   698.1  19.3   770.6  10.4   808.3   4.9   876.2   8.4   958.0   9.3 |
 FOB trade bal       356 TBL      |  166.0   211.7  27.5   208.6  -1.5   214.1   2.6   253.9  18.6   302.1  19.0 |
 Exch rate(LOC/$)      2 WEKUD    | 1.7329  1.5736  -9.2  1.5653  -0.5  1.6054   2.6  1.5544  -3.2  1.4937  -3.9 |
 Exch rate($/Euro    295 D_EURO   | 1.1301  1.2438  10.1  1.2508   0.6  1.2183  -2.6  1.2584   3.3  1.3095   4.1 |
 EXCH RATE(DM/EU     296 DM_EURO  | 1.9558  1.9558   0.0  1.9558   0.0  1.9558   0.0  1.9558   0.0  1.9558   0.0 |
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                                             Key Economic Indicators
 GDP deflator          5 PBIP     | 106.76  107.72   0.9  107.97   0.2  108.90   0.9  109.85   0.9  110.71   0.8 |
 Priv cons defl       88 PCP      | 110.82  112.37   1.4  114.05   1.5  115.99   1.7  117.87   1.6  119.67   1.5 |
 Investment defl     199 PIAN     |  97.62   97.91   0.3   98.01   0.1   97.91  -0.1   97.55  -0.4   97.31  -0.2 |
 Gov expd  defl       72 PCST     | 106.01  106.96   0.9  108.03   1.0  108.79   0.7  109.69   0.8  110.67   0.9 |
 Exp price goods      17 PEX      | 104.75  104.62  -0.1  105.27   0.6  105.48   0.2  105.80   0.3  106.05   0.2 |
 Imp price goods      16 PIM      | 105.04  105.09   0.0  108.08   2.8  108.72   0.6  109.31   0.5  109.95   0.6 |
 Neg Wage            196 TLGH     | 154.50  156.52   1.3  158.68   1.4  162.12   2.2  165.87   2.3  168.50   1.6 |
 Unemployment %      292 ALQ      |   10.6    10.1  -5.4    11.2  11.3    10.9  -2.4    10.7  -1.8    10.8   0.4 |
 Labor Prod          206 PRODH    |  70.67   72.11   2.0   72.67   0.8   73.60   1.3   74.25   0.9   75.08   1.1 |
 Capacity Util %       4 KAPAY    | 100.61  100.88   0.3  100.37  -0.5  100.27  -0.1  100.54   0.3  101.04   0.5 |
 FIBOR (3Month)      183 ZINSK    |   2.34    2.09 -10.4    2.11   1.0    2.11   0.0    2.49  17.7    2.99  20.1 |
 EURIBOR(3Month)     297 EURIBOR  |   2.34    2.10 -10.4    2.12   1.0    2.12   0.0    2.49  17.7    2.99  20.1 |
 Bond rate            75 ZINSL    |   4.13    4.11  -0.5    3.75  -8.9    3.86   3.1    4.10   6.1    4.59  12.0 |
 Gvnmt Saving        175 DEF      | -154.8  -156.6   1.1  -151.2  -3.4  -135.9 -10.1  -129.3  -4.8  -117.6  -9.1 |
 Gvnmt Savg(%gdp)    424 DEFQ     |   -3.7    -3.7  -1.2    -3.5  -4.8    -3.1 -11.4    -2.9  -7.6    -2.6 -10.8 |
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Generated October 28, 2005.
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