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GERMANYRegion:WesternEuropeEdition:January2011D&BCountryRiskIndicatorDB1dThisDBRatingIndicates:LowestriskLowestdegreeofuncertaintyassociatedwithexpectedreturns,suchasexportpayments,andforeigndebtandequityservicing.TrendImprovingThecountry'soverallriskprofileisimprovingasaresultoffavourablepolitical/commercial,economicand/orexternaldevelopmentsThe'DB'riskindicatorprovidesacomparative,cross-borderassessmentoftheriskofdoingbusinessinacountryandencapsulatestheriskthatcountry-widefactorsposetothepredictabilityofexportpaymentsandinvestmentreturnsoveratwoyeartimehorizon.The'DB'riskindicatorisacompositeindexoffourover-archingcountryriskcategories:Politicalrisk-internalandexternalsecuritysituation,policycompetencyandconsistency,andothersuchfactorsthatdeterminewhetheracountryfostersanenablingbusinessenvironment;Commercialrisk-thesanctityofcontract,judicialcompetence,regulatorytransparency,degreeofsystemiccorruption,andothersuchfactorsthatdeterminewhetherthebusinessenvironmentfacilitatestheconductofcommercialtransactions;Externalrisk-thecurrentaccountbalance,capitalflows,FXreserves,sizeofexternaldebtandallsuchfactorsthatdeterminewhetheracountrycangenerateenoughFXtomeetitstradeandforeigninvestmentliabilities;Macroeconomicrisk-theinflationrate,governmentbalance,moneysupplygrowthandallsuchmacroeconomicfactorsthatdeterminewhetheracountryisabletodeliversustainableeconomicgrowthtoprovidefurtherexpansioninbusinessopportunities.TheDBriskindicatorisdividedintosevenbands,rangingfromDB1throughDB7.Eachbandissubdividedintoquartiles(a-d),withan'a'designationrepresentingslightlylessriskthana'b'designationandsoon.OnlytheDB7indicatorisnotdividedintoquartiles.CountryOverview:Population:82.2mSurfacearea(sqkm):357,022Capital:BerlinTimezone:GMT+01:00Officiallanguage:GermanHeadofgovernment:ChancellorAngelaMERKELGDP(USD):3.3trnGDPpercapita(USD):40,483Lifeexpectancy(years):79Literacy(%ofadultpop.):99.9GermanyliesinthecentreofEurope,withaccesstotheNorthSeaandtheBalticSea,andlandborderswithnineothercountries.AsthemostpopulouscountryandlargesteconomyinWesternEurope,GermanyisakeymemberoftheEU.Itsdemocracyischaracterisedbyarelativelyhighdegreeofideologicalcoherence;coalitiongovernmentsarethenorm.Germanyhasanadvancedeconomy;itselevatedstandardoflivingisunderpinnedbyhighlevelsofproductivityandaworld-classcapitalstock,includingpublicinfrastructure.Althoughservicesaccountforovertwo-thirdsofoutput,theeconomyisdrivenbytheexport-orientedmanufacturingsector,whichspecialisesinhigh-techcapitalgoods.TheglobalfinancialcrisisaffectedGermanydeeply,althoughtheeconomyhasnotbeendrivenbydebtorahousingboom.Itspositionastheworld’ssecondlargestmerchandiseexporterhasmadethecountryvulnerabletofluctuationsinglobaldemand.TradeTermsMinimumTerms:OATheminimumformofdocumentationortradingmethodthatD&Badvisesitscustomerstoconsiderwhenpursuingexporttradewiththestatedcountry.RecommendedTerms:OAD&B'srecommendedmeansofpayment.Theuseofrecommendedterms,whicharegenerallymorestringentthanminimumterms,isappropriatewhenacustomer'spaymentperformancecannotbeeasilyassessedorwhenanexportermaywishtolimittheriskassociatedwithatransactionmadeonminimumterms.UsualTerms:0-30daysNormalperiodofcreditassociatedwithtransactionswithcompaniesinthestatedcountry.TransferSituationLocalDelays:0-1monthThetimetakenbeyondagreedtermsforacustomertodepositmoneyintheirlocalbankaspaymentforimports.FX/BankDelays:0-1monthTheaveragetimebetweentheplacementofpaymentbytheimporterinthelocalbankingsystemandthereceiptoffundsbytheexporter.SuchdelaysmaybedependentonFXcontrols,FXavailabilityandtheefficiencyofthelocalbankingsystem.KeyFactsTrade&CommercialEnvironmentTrade&CommercialEnvironmentTheeconomicrecoveryandbanks’lessrestrictivelendingpracticeshaveboostedGermancompanies’paymentsperformance.D&B’sproprietarypaymentsperformancedatashowthatpaymenttrendshaveimprovedsinceQ32009,inrespectofbothdomesticandcross-borderpayments.Germanfirmspaidonly4.7%oftheirbillstoEuropeanshippers30ormoredaysovertermsintheyeartoend-Q32010.Intermsofdomesticpayments,Germanfirmssettled84.3%oftheirbillspromptlyinNovember,upfrom79.3%ayearearlier.Afterimprovingparticularlystronglyinexport-orientedsectors(suchasthecarindustry)inrecentmonths,paymentbehaviourhasalsobeguntoimprovemarkedlyinsectorsfocusingondomesticdemand,suchassmalltrade/craftandconstruction.USEximbankFullcoveravailableAtradiusFullcoveravailableECGDFullcoveravailableEulerHermesUKFullSTcoveravailable200820092010e2011f2012fRealGDPgrowth,%0.7-4.73.52.32.5Inflation,annualave,%2.80.21.11.51.7Govtbalance,%GDP0.1-3.0-3.6-2.5-1.8Unemployment,%7.37.56.96.46.2C/Abalance,%GDP6.85.04.94.64.3PaymentsPerformancechartreflectsexperiencesofEUratherthanUScompanies.InflationandunemploymentarebasedonEU-harmoniseddata.ExchangeRates(London,13Dec10)GBP1.1946JPY*0.9012USD0.7564*(x100)ExportCreditAgenciesEconomicIndicatorsCurrencyInformationLocalCurrency(Euro[EUR]:USD)LocalCurrency(Euro[EUR]:USD)Jul10Aug10Sep10Oct10Nov10Dec10Week10.7940.7680.7780.7280.7200.747Week20.7920.7520.7860.7180.7130.756Week30.7720.7840.7660