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National accounts, domestic product

IN FOCUS / 2017-06-08

Overall economic equilibrium: 50th anniversary of the Magic Square

50 years ago, on 8 June 1967, the Law to Promote Economic Stability and Growth (Stability Law) entered into force. Against the background of the 1966/1967 recession, it concretises the goal of an overall economic equilibrium and specifies four individual goals of economic and fiscal policy. They are referred to as the Magic Square.

In the last 50 years, the German economic development has been subject to short-term fluctuations. When measured by the development of the price-adjusted GDP, the German economy has grown an average 2.4% since 1967. Such growth has been characterised by cyclical upswings and recessions. The worst economic slump happened during the worldwide financial market crisis in 2009 (-5.9%). The strongest economic growth was recorded in 1969, when the growth rate was 7.5%.

More information on the economic development in Germany is contained in a detailed article on the Magic Square.

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