Japan, whose economy is highly export dependent, was hit particularly hard by the collapse in international trade. Exports fell by nearly a quarter and GDP by more than 5%.

At the start of 2009, the euro zone was also heavily affected by the crisis. Exports collapsed and investment dropped dramatically. Unemployment rose sharply, with private consumption falling accordingly. Thanks to government economic stimulus plans, the economy began gaining a foothold in the spring with a slow recovery setting in during the second half of the year. However, this was not nearly sufficient to offset the collapse at the beginning of the year. As a result, GDP fell by 4.0% in the reporting year (previous year: +0.6%).

At the start of the year, Germany was more heavily affected by the collapse in international demand. Exports decreased by 14.7%, and investments in machinery and equipment dropped a full 20%. GDP therefore shrank by 5.0% (previous year: +1.3%). Private consumption held at nearly the prior-year level, however, thanks in part to the government’s environmental rebate for trading in used cars (Abwrackprämie).