Germany GDP per Capita: Overview and Outlook
Current GDP per Capita
Germany has a GDP per capita of EUR 51,000 as of 2024, reflecting its status as a global industrial and export juggernaut.
Historical Changes in German GDP per Capita
At the turn of the millennium, Germany was famously dubbed the "sick man of Europe," suffering from high unemployment and economic stagnation. This changed dramatically with the implementation of the "Agenda 2010" and "Hartz" labour market reforms in the early-to-mid 2000s. These reforms, combined with wage restraint, made German labour and products highly competitive.
This newfound competitiveness, coinciding with a global economic boom and the rise of emerging markets, turned Germany into an export powerhouse. It weathered the 2008 financial crisis relatively well and dominated the Eurozone economy for the next decade. However, since the pandemic and particularly since the 2022 energy crisis, the German economic model has come under severe strain, leading to a period of stagnation and technical recession.
In nominal terms, since 2000, GDP per capita has risen strongly, excluding the periods marked by economic downturns such as the GFC and the pandemic. Post-pandemic, GDP per has risen particularly strongly as a result of high inflation, despite the weak underlying economy.
GDP per Capita Predictions for the Coming Years
Per capita income is expected to continue its upward trajectory in the coming years, boosted by extra spending on defence and infrastructure under the new Merz administration that should lift the economy out of its recent funk.
Want to get concrete forecasts for Germany's GDP per capita for the coming years? FocusEconomics collects GDP per capita projections out to 2035 from a panel of 19 analysts at the leading national, regional and global forecast institutions. To get in touch with our team for more information, fill in the form here.
Key Factors to Watch
A critical factor in coming years will be the country's ability to spend the hundreds of billions of euros allotted for defence and infrastructure in an efficient and timely manner. Infrastructure spending will be crucial to help the industrial base recover lost competitiveness and to improve areas like digitalization, where Germany lags other advanced economies. Overcoming severe skilled labour shortages, a consequence of its aging population, through immigration and training is also essential for sustaining long-term growth.
Germany GDP Per Capita Chart
Note: This chart displays GDP per Capita (EUR) for Germany from 2024 to 2023.
Source: Macrobond.
Germany GDP Per Capita Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| GDP per Capita (EUR) | 41,481 | 44,190 | 47,183 | 49,525 | 50,820 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects German GDP Per Capita projections for the next ten years from a panel of 19 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP Per Capita forecast available for German GDP Per Capita.
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