No 47 - German economic growth and its determining factors.

Published at the end of November, the prognoses concerning German economic growth (3,7% level according to the Committee of Wise Men and 3,4% level according to the European Commission) are a good opportunity to overview the most important determinants of this growth. In view of diversity and variety of elements which determine gross domestic product changes and therefore - economic growth, it is worth to widen a perspective when analyzing: to take into consideration short-term factors, as well as long-term factors; direct, as well as indirect factors; from the supply, as well as the demand side.

The analysis of academic papers, government's and business organisations' reports, trade papers and think tanks allows to point some tendencies, "stylised facts" concerning German economic growth.