Global economy expands unaffected by higher energy prices
With an increase of 3.9% in the gross domestic product (GDP) in 2006, the global economy continued the positive development it has sustained for three years. Low real interest rates and higher employment in many national economies significantly strengthened consumer confidence and consumer spending worldwide. International trade, which expanded by 8.9%, also provided valuable support to the global economy. While energy prices and raw materials led to a price push that could not be passed on completely to the producer and consumer markets, rather moderate wage rises lessened the increase in the price level. However, the increased crude oil prices contributed to the intensification of global imbalances in the trade balance. While the oil-producing countries generated the majority of the surpluses worldwide, the rise in the cost of energy for oil-importing countries reduced the trade balance significantly.

In the euro zone, the growth of the gross domestic product significantly exceeded the previous year's rise, with 2.7% in 2006. The economic recovery in Germany provided impetus to the economies of the other member states. Exports, which underwent a further 8.7% increase, were the driving force of the economy. However, private consumption also expanded more strongly than in the previous years, with growth of 2.1%. This increase was primarily attributable to the stabilization of development on the job market. The unemployment rate reached 7.9%, its lowest value since 2001.

In the United States, private consumer spending weakened, exerting a limiting effect on the gross domestic product. In addition, the economic development weakened to 3.3%, as increases in energy prices and the interest rate level were also accompanied by a cooling of the residential real estate market. Having risen further to USD 890 billion - primarily as a result of oil imports - the trade balance deficit continues to pose a risk for the economic development of the USA.

Through regional primary production, the economy in the countries of Latin America benefited from the high raw material prices and the increase in domestic demand. In addition, the economic upturn was boosted by interest rate reductions as well as lower rates of inflation. In contrast, the upward revaluation of the real had a relatively moderate effect on the economic development of Brazil.

In China, the growth of the gross domestic product in the year under report amounted to 10.6%, once again exceeding the high increases of the previous years. Gross investments into fixed assets were the driving force once again, with a rise of 18%. However, increases in exports and private consumption also made a noticeable contribution to the upturn. As a result of the high trade balance surplus, the currency reserves of the Chinese yuan grew significantly once again and the upward pressure on the yuan, which is still not freely convertible, remained high. Despite the heavy strain resulting from the increase in oil prices, India's gross domestic product rose by 8.3%. This increase was supported by exports, primarily of industrial goods, which recorded a rise of over 20% in only the third year.

The Japanese economy expanded for the fifth consecutive year, with growth of 2.8% in the gross domestic product. Supported by the devaluation of the Japanese yen, exports increased significantly. As a result of increased consumer prices, the Japanese central bank was able to end its "zero interest rate policy" after more than five years and establish an interest rate of approximately 2% for bond rates.