General information on the economic situation in Germany and worldwide

Paris/Hamburg, 22 April 2013

Global Macroeconomic and Insolvency Outlook

Euler Hermes: New Insolvency Scenarios

The economy in Germany will gain steam only gradually in 2013. Heightened momentum in 2014.
2013 will see a moderate increase in insolvencies in Germany, followed by a decline in 2014. Relatively high bad debts.

Global economy set to remain weak in 2013. Delays in the recovery. Fragile outlook.
Global economic weakness is driving business insolvencies upwards.

Wiesbaden, 29 January 2013

Foreign Trade

Destatis: Import prices in 2012: +2.1% on 2011

The index of import prices rose by 2.1% on an annual average in 2012 compared with 2011, as reported by the Federal Statistical Office (Destatis). In December it rose by 0.3% compared with the corresponding month of the preceding year. In November and in October 2012 the annual rates of change were +1.1% and +1.5%, respectively. From November to December 2012 the index fell by 0.5%.

The index of import prices, excluding crude oil and mineral oil products, was on an annual average 1.1% above the level of a year earlier. In December 2012 it did not change compared to December 2011 and fell by 0.3% in comparison with November 2012.

The index of export prices increased by 1.7% on an annual average in 2012 from the previous year. In December 2012, it was up 1.1% compared with the corresponding month of the preceding year. In November and in October 2012 the annual rates of change were +1.5% and +1.7%, respectively. From November to December 2012 the index fell by 0.4%.

Press release of the Federal Statistical Office (PDF, 112 KB, German)

Wiesbaden, 25 January 2013

Building Industry

Destatis: Main construction industry in November 2012: Value of orders received down 8.3% from the previous

As reported by the Federal Statistical Office (Destatis), the total price-adjusted value of orders received by enterprises in main construction industry and civil and underground engineering in Germany decreased 8.3% in November 2012 from the same month of the previous year. In main construction industry, demand decreased
7.8%, in civil and underground engineering it decreased 8.7%.

The number of employees amounted to 755,000 at the end of November 2012. That was a increase of 10,000 (+1.3%) compared with November 2011.

Press release of the Federal Statistical Office (PDF, 65 KB, German)

Munich, 25 January 2013

Business Climate Index

ifo: Business Climate Index Rises

The Ifo Business Climate Index for German industry and trade rose for the third time in succession. Assessments of the current business situation were somewhat more positive after deteriorating last month. Future business perspectives improved considerably. The German economy made a promising start to the New Year.
In manufacturing the business climate indicator continued to rise. Manufacturers are more satisfied with their current business situation than last month. The improvement in expectations with regard to future business developments continued into the New Year. Optimism is returning. After three successive declines, capacity utilisation rates also rose.

In wholesaling, on the other hand, the business climate clouded over. Wholesalers are less satisfied with their current business situation and slightly more pessimistic about future business developments. In retailing the business climate indicator rose somewhat. This was due to a slightly more positive assessment of the business situation, while retailers’ business expectations remained unchanged.

In construction the business climate index rose sharply. This was primarily due to far more optimistic expectations, which last reached such a high level in March 2012. Assessments of the current business situation also improved.

Hans-Werner Sinn
President

Press release of the Ifo Institute (PDF, 194 KB)

Wiesbaden, 21 January 2013

Producer prices

Destatis: Producer prices 2012: +2.1 % on 2011

In 2012 the index of producer prices for industrial products (domestic sales) for Germany rose by 2.1% on an annual average from the preceding year, as reported by the Federal Statistical Office (Destatis). A year before the index had been up 5.7%.

In December 2012 the index of producer prices for industrial products rose by 1.5% from the corresponding month of the preceding year. In November 2012 the annual rate of change had been +1,4%.

Compared with the preceding month, the index fell by 0.3 % in December 2012 (–0.1% in November 2012).

Press release of the Federal Statistical Office (PDF, 93 KB, German)

Wiesbaden, 17 January 2013

Food Service

Destatis: Turnover in accommodation and food service activities in November 2012 in real terms: +0.2% to November 2011

According to results of the Federal Statistical Office (Destatis), turnover in the German accommodation and food service activities increased in November 2012 by 2.0% in nominal terms and 0.2% in real terms compared with the corresponding month of the previous year.

Compared with the turnover achieved in October 2012, the turnover in November 2012 was in nominal terms 0.4% and in real terms 0.3% larger after adjustment for calendar and seasonal effects (Berlin method 4.1 – BV 4.1).

Compared with the first eleven months of the previous year, turnover in the German accommodation and food service activities increased by 2.3% in nominal terms and by 0.3% in real terms in the first eleven months of 2012.

Press release of the Federal Statistical Office (PDF, 90 KB, German)

Munich, 21 December 2012

ifo: Credit Constraints Indicator

Ifo Institute: Credit Constraints Fall

After a small increase last month, credit constraints for German trade and industry decreased by 0.5 percentage points in December. Only 21.1% of the companies surveyed reported a restrictive credit policy on the part of banks. As the year draws to a close, there has therefore been no major change to the favourable financing environment for companies in Germany.
In manufacturing credit constraints fell significantly by 1.3 percentage points. This decrease was primarily experienced by smaller and medium-sized companies. Only 20.4% and 18.4% of the companies surveyed respectively cited credit constraints. For large companies credit constraints increased minimally, but remained very low at 18.6%.

In construction credit constraints decreased again slightly to 28.1%. In the distributive sector 20.5% of the companies surveyed reported problems accessing credit. This corresponds to a minimal increase of 0.3 percentage points.

Hans-Werner Sinn
President

Press release of the Ifo Institute (PDF, 172 KB)

Munich, 19 December 2012

Ifo Business Climate Index

Ifo Business Climate Improves

The Ifo Business Climate Index for German industry and trade rose again. While companies as-sessed their current business situation as somewhat less favourable than last month, they were considerably less pessimistic about future business developments. As the year draws to a close, German companies are more confident about the future.
In manufacturing the business climate continued to brighten. Companies assessed their current business situation slightly less favourably than last month, but they are far more optimistic about the future than previously. Business expectations showed their sharpest increase since August 2009. Export expectations also continued to improve.

The business climate indicator weakened at both levels of trade. In both wholesaling and retailing survey participants were less satisfied with their current business situation and somewhat more sceptical about future developments.

In construction the business climate index continued to rise in December. While companies were more cautious in their assessments of the current business situation, they were far more optimistic about the next six months.

Hans-Werner Sinn
President

Press release of the Ifo Institute (PDF, 155 KB)

Munich, 13 December 2012

Economic Forecast 2012/2013

Ifo Economic Forecast 2012/2013: Euro Crisis Delays Upturn

The German economy looks set to contract in the fourth quarter of 2012, before staging a recovery that is expected to be modest initially in 2013. These are the indications of the Ifo Business Climate Index, which recently rose clearly after showing no signs of any upswing in the previous months. The euro crisis is responsible for the poor economic situation at present. Real gross domestic product, at a 2/3 uncertainty interval of -0.6 % to 2.0 %, should therefore only in-crease by 0.7 % on annual average in 2013. Boosted by domestic demand, the economy looks set to pick up again in the year ahead, as long as the European debt crisis does not escalate any further. However, no significant growth in employment is expected during this period. [...]

Press release of the Ifo Institute (PDF, 36 KB)

Wiesbaden, 11 December 2012

Wholesale

Destatis: Wholesale prices in November 2012: +3.2% on November 2011

The index of selling prices in wholesale trade was up 3.2% in November 2012 on November 2011, as reported by the Federal Statistical Office (Destatis). Compared with October 2012, the index of wholesale prices fell by 0.7 in November 2012.

Press release of the Federal Statistical Office (PDF, 84 KB, German)

Wiesbaden, 10 December 2012

Foreign Trade

Destatis: German exports in October 2012: +10.6% on October 2011

Germany exported commodities to the value of Euro 98.5 billion and imported commodities to the value of Euro 82.7 billion in October 2012. The Federal Statistical Office (Destatis) also reports on the basis of provisional data that German exports hence increased by 10.6% and imports by 6.0% in October 2012 on October 2011. After calendar and seasonal adjustment, exports increased by 0.3% and imports by 2.5% compared with September 2012.

The foreign trade balance showed a surplus of Euro 15.8 billion in October 2012. In October 2011, the surplus had amounted to Euro 11.0 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 15.2 billion in October 2012.

According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of Euro 13.6 billion in October 2012, which included the balance of services (– Euro 1.9 billion), factor income net (+ Euro 5.2 billion), current transfers (– Euro 3.3 billion), and supplementary trade items (– Euro 2.2 billion). In October 2011, the German current account showed a surplus of Euro 9.9 billion.

In October 2012, Germany dispatched commodities to the value of Euro 56.4 billion to the Member States of the European Union (EU), while it received commodities to the value of Euro 51.9 billion from those countries. Compared with October 2011, dispatches to the EU countries increased by 7.8%, and arrivals from those countries by 5.4%. Commodities to the value of Euro 37.0 billion (+7.0%) were dispatched to the Euro area countries in October 2012, while the value of the commodities received from those countries was Euro 35.5 billion (+4.8%). In October 2012, commodities to the value of Euro 19.3 billion (+9.2%) were dispatched to EU countries not belonging to the Euro area, while the value of the commodities which arrived from those countries was Euro 16.4 billion (+6.7%).

Exports of commodities to countries outside the European Union (third countries) amounted to Euro 42.1 billion in October 2012, while imports from those countries totalled Euro 30.8 billion. Compared with October 2011, exports to third countries increased by 14.6%, imports from those countries by 6.9%.

Press release of the Federal Statistical Office (PDF, 108 KB, German)

Wiesbaden, 10 December 2012

Manufacturing Sector

Destatis: Turnover in manufacturing in October 2012 –0.8% seasonal adjusted on September 2012

As reported by the Federal Statistical Office (Destatis) on the basis of provisional data, the manufacturing sector saw turnover fall in real terms adjusted for seasonal fluctuations and working-day variations 0.8% in October compared with September 2012 (following no revised in September 2012). Domestic turnover decreased by 1.5%, the business with foreign customers declined 0.2%. Sales to euro area countries were 1.4% above preceding month’s level, sales to other countries went down 1.1%.

Compared with the preceding year, real turnover in manufacturing showed a total decrease of –3.3% in October 2012 after having been adjusted for working-day variations. Decreases were observed in domestic sales –5.3%, while turnover from business with foreign customers fall by 1.1%. Among foreign transactions, sales to euro area countries decreased by –7.5% and turnover for other foreign countries ascended 3.8%.

Cumulated from January to October 2012, the (working-day adjusted) turnover in manufacturing was 0.5% below the level of the same period of the previous year; domestic turnover declined 1.3% while foreign turnover increased by 0.3%.

Press release of the Federal Statistical Office (PDF, 99 KB, German)

Wiesbaden, 7 December 2012

Insolvencies

Destatis: January to September 2012: 4.6% less business insolvencies

In the months from January to September 2012, the German insolvency courts reported 21,803 business insolvencies. As reported by the Federal Statistical Office (Destatis), that was 4.6% less than in the same period of the previous year. The number of consumer insolvencies in the period from January to September 2012 was 74,504 cases, which was 5.2% less than a year earlier. Together with the insolvencies of other private debtors and of estates, the courts registered a total of 114,956 insolvencies, that was 5.2% less than in the months from January to September 2011.

Press release of the Federal Statistical Office (PDF, 62 KB, German)

Wiesbaden, 7 December 2012

Service Sector

Destatis: Exports of goods and services up 10.9% in 2011

Exports of goods and services as a whole increased by 10.9% in 2011 compared with 2010. Based on joint calculations with the Deutsche Bundesbank, the Federal Statistical Office (Destatis) also reports that this result was largely due to the trade in goods (including supplementary items), which was up 12.2% on a year earlier. Exports of services increased by not more than 3.6% in the same period.

Press release of the Federal Statistical Office (PDF, 60 KB, German)

Wiesbaden, 4 December 2012

Foreign Trade

Destatis: Exports up 3.6% in the 3rd quarter of 2012

German exports increased by 3.6% to Euro 275.4 billion in the third quarter of 2012 compared with the same quarter a year earlier. The Federal Statistical Office (Destatis) also reports that German exports to countries outside the EU (third countries, as they are called) recorded a particularly strong increase. They were up 9.9% to Euro 122.3 billion. Their share in total German exports rose to 44.4% in the third quarter 2012.

Press release of the Federal Statistical Office (PDF, 91 KB, German)

Wiesbaden, 3 December 2012

Environmental Protection

Destatis: Environmental protection expenditure of businesses totals Euro 24 billion in 2010

In 2010, businesses of industry (excluding construction) spent a total of Euro 24 billion on environmental protection. The Federal Statistical Office (Destatis) also reports that investment costs in tangible fixed assets for environmental protection accounted for Euro 6 billion and current environmental protection expenditure for Euro 17.8 billion.

Businesses’ investments in environmental protection rose by 7.6% compared with the preceding year (2009: Euro 5.6 billion).

Press release of the Federal Statistical Office (PDF, 60 KB, German)

Wiesbaden, 30 November 2012

Wholesale

Destatis: Wholesale turnover in the 3rd quarter 2012: –2.4% in real terms on the 3rd quarter 2011

According to provisional results of the Federal Statistical Office (Destatis) the turnover achieved by wholesale trade in Germany in the third quarter 2012 decreased 0.8% in nominal terms and 2.4% in real terms compared with the third quarter 2011.

In September 2012 turnover in wholesale trade was in nominal terms 5.7% and in real terms 8.3% smaller than that in September 2011.

Compared with the previous year, turnover in wholesale trade increased 1.1% in nominal terms and decreased 0.1% in real terms in the first nine months of 2012.

Press release of the Federal Statistical Office (PDF, 92 KB, German)

Wiesbaden, 30 November 2012

Retail Turnover

Destatis: Retail turnover in Germany in October 2012: –0.8% in real terms on October 2011

According to provisional results of the Federal Statistical Office (Destatis), retail turnover in October 2012 in Germany increased 1.6% in nominal terms and decreased 0.8% in real terms compared with the corresponding month of the previous year. The number of days open for sale was 26 in October 2012 and 25 in October 2011.

When adjusted for calendar and seasonal variations (CENSUS-X-12-ARIMA), the October turnover was in nominal terms 2.5% and in real terms 2.8% smaller than that in September 2012.

Compared with the previous year, turnover in retail trade was in the first ten months of 2012 in nominal terms 2.2% larger and in real terms equal to that (0.0%) in the corresponding period of the previous year.

Press release of the Federal Statistical Office (PDF, 96 KB, German)

Wiesbaden, 29 November 2012

Rail Transport

Destatis: Railway undertakings transported 3.5% less freight

A total of 273.1 million tonnes of goods were transported on German railway lines in the first three quarters of 2012. As reported by the Federal Statistical Office (Destatis), that was a decrease of 3.5% from the corresponding period of the previous year.

All three quarters were characterized by negative growth rates: Whereas the first quarter of 2012 showed a minus of 2.7%, that trend became more significant in the second and third quarter with decreases of 3.7 and 4.1%.

From January to September 2012 the tonnes for all main transport links went down: For national traffic –3.8%; for services in connection with foreign countries goods carried abroad by –3.4%, for receipts from abroad by –1.4% and for transit-traffic by –6.4%.

Against the general trend container traffic saw an increase: 4.6 million TEU (Twenty foot equivalent unit – 1 TEU equals 1 twenty foot equivalent container) were transported, which – compared with the period from January to September 2011 – reflects a plus of 2.4%.

Press release of the Federal Statistical Office (PDF, 77 KB, German)

Munich, 29 November 2012

Credit Hurdle

Ifo Institute: Credit Constraints Increase Minimally

Credit constraints for German trade and industry increased minimally by 0.3 percent in November. Only 21.6% of the companies surveyed reported a restrictive credit policy on the part of banks. The financing environment for firms in Germany remains favourable.
In manufacturing credit constraints increased for companies of all sizes, with the sharpest increase for large firms. 18.5% of the large manufacturers surveyed reported restrictive access to bank credit, which corresponds to a 1.4 percent increase. For small and medium-sized companies credit constraints increased by 0.6 percentage points to 20.1% and by 0.7 percent points to 22.5% respectively.

After last month’s sharp increase, credit constraints in the construction sector fell slightly to 28.6%. Credit constraints in the distributive sector remained unchanged. Around one fifth of distribution firms reported problems accessing credit.

Hans-Werner Sinn
President

Press release of the Ifo Institute (PDF, 170 KB)

Wiesbaden, 28 November 2012

Consumer prices

Destatis: Consumer prices in November 2012: expected rise of +1.9% on November 2011

The consumer price index for Germany is expected to rise by 1.9% in November 2012 compared with November 2011. Based on the results available so far, the Federal Statistical Office (Destatis) also reports that the consumer price index is expected to decrease by 0.1% on October 2012.

The harmonised consumer price index for Germany, which is calculated for European purposes, is expected to increase by 2.0% in November 2012 on November 2011. It is expected to decrease by 0.1% on October 2012.

The final results for November 2012 will be released on 12 December 2012.

Press release of the Federal Statistical Office (PDF, 55 KB, German)

Wiesbaden, 27 November 2012

Import

Destatis: Import prices in October 2012: +1.5% on October 2011

The index of import prices rose by 1.5% in October 2012 compared to the corresponding month of the preceding year, as reported by the Federal Statistical Office (Destatis). In September 2012 the year-on-year rate of change was +1.8%, in August 2012 it was +3.2%. From September 2012 to October 2012 the index fell by 0.6%.

The index of import prices, excluding crude oil and mineral oil products, was 0.4% above the level of a year earlier (–0,4% compared to September 2012).

The index of export prices increased by 1.7% in October 2012 compared to the corresponding month of the preceding year. In September 2012 the annual rate of change was +1.7% and in August +1.8%, respectively. From September 2012 to October 2012 the index fell by 0.2%.

Press release of the Federal Statistical Office (PDF, 103 KB, German)

Munich, 23 November 2012

Ifo Business Climate Index

Ifo Business Climate Brightens Slightly

The Ifo Business Climate Index for German industry and trade rose again after six successive decreases. Companies expressed slightly greater satisfaction with their current business situation. They were also far less pessimistic about future business developments. The German economy is holding up in the face of the euro crisis.
In manufacturing the business climate index rose slightly following a six-month decline. Companies expressed slightly greater satisfaction with their current business situation. They were also less pessimistic than last month with regard to the six-month business outlook. Export expectations were positive for the first time in three months.

The business climate index in wholesaling increased sharply. The wholesalers surveyed reported a dramatic improvement in their current business situation and expressed far less pessimism regarding future developments. The business climate also brightened in retailing. While assessments of the current business situation were somewhat poorer, retailers expect business to pick up significantly in the future.

In construction the business climate recovered considerably. Construction companies reported a clear improvement in their current business situation and were also more confident about future business developments.

Hans-Werner Sinn
President

Press release of the Ifo Institute (PDF, 206 KB)

Wiesbaden, 23 November 2012

Building Industry

Destatis: Main construction industry in September 2012: Value of orders received down 3.8% from the previous year

As reported by the Federal Statistical Office (Destatis), the total price-adjusted value of orders received by enterprises in main construction industry and civil and underground engineering in Germany decreased 3.8% in September 2012 from the same month of the previous year. In main construction industry, demand increased 2.0%, in civil and underground engineering it decreased 10.0%.

The number of employees amounted to 739,000 at the end of September 2012. That was a decrease of 18,000 (–2.4%) compared with September 2011.

Press release of the Federal Statistical Office (PDF, 72 KB, German)

Wiesbaden, 23 November 2012

Gross Domestic Product

Destatis: Detailed results on the gross domestic product for the 3rd quarter of 2012

Despite the European recession, the German economy continues its growth, although at a slightly slower pace. As the Federal Statistical Office (Destatis) already reported in its first release of 15 November 2012, the gross domestic product (GDP) rose 0.2% – upon price, seasonal and calendar adjustment – in the third quarter of 2012 compared with the previous quarter. During the first half of the year, GDP growth had been somewhat larger, that is, + 0.5% in the first quarter and + 0.3% in the second quarter.

In a quarter-on-quarter comparison (adjusted for price, seasonal and calendar effects), positive contributions were made by foreign demand. In the third quarter of 2012, exports of goods and services were up 1.4% compared with the second quarter. In the same period, imports increased to a somewhat lesser extent (+1.0%). Thus, the balance of exports and imports strengthened the GDP development by contributing 0.3 percentage points to its growth.

In the reference quarter, there were mixed signs from domestic demand. Final consumption expenditure of both households (+0.3%) and government (+0.4%) was up on the previous quarter. Gross fixed capital formation in construction increased, too (+1.5%). However, gross fixed capital formation in machinery and equipment continued to decrease (for one year now). In the reference quarter, it recorded a 2.0% decline. In addition, inventories decreased, which also damped economic growth (–0.3 percentage points).

The following information refers to the year-on-year comparison:

In a year-on-year comparison, too, economic growth has slowed down since the beginning of this year. Price-adjusted GDP rose 0.4% in the third quarter of 2012 compared with the same quarter of 2011. The relatively small increase was due, among other things, to a calendar effect, as was the case in the second quarter. The reference quarter had one working day less than the same quarter of the previous year, which had a negative impact on GDP growth. In calendar-adjusted terms, the GDP increase was larger (+0.9%).latively small increase was due, among other things, to a calendar effect, as was the case in the second quarter. The reference quarter had one working day less than the same quarter of the previous year, which had a negative impact on GDP growth. In calendar-adjusted terms, the GDP increase was larger (+0.9%). [...]

Press release of the Federal Statistical Office (PDF, 186 KB, German)

Wiesbaden, 20 November 2012

Producer Prices

Destatis: Producer prices in October 2012: +1.5% on October 2011

In October 2012 the index of producer prices for industrial products rose by 1.5% from the corresponding month of the preceding year. In September 2012 the annual rate of change was +1.7%, in August 2012 it had been +1.6%.

Compared with the preceding month the index in October 2012 remained unchanged (+0.3% in September 2012, +0.5% in August 2012).

Press release of the Federal Statistical Office (PDF, 91 KB, German)

Wiesbaden, 15 November 2012

GDP Germany

Destatis: Gross domestic product slightly up in 3rd quarter of 2012

The German economy continues its growth at a slightly slower pace: In the third quarter of 2012, the gross domestic product (GDP) rose 0.2% – upon price, seasonal and calendar adjustment – on the previous quarter, as reported by the Federal Statistical Office (Destatis). In the first half of the year, GDP growth had been somewhat larger, that is, +0.5% in the first quarter and +0.3% in the second quarter.

In a quarter-on-quarter comparison (price, seasonally and calendar-adjusted), positive contributions were made by foreign demand. According to provisional calculations, the increase in exports of goods and services was slightly larger than that of imports. However, domestic contributions were contrasting. Consumption by both private households and government was higher than in the second quarter when adjusted for price, seasonal and calendar variations. Capital formation in construction was up, too. This roughly compensated for the decrease in capital formation in machinery and equipment observed again and for the decline in inventories.

In a year-on-year comparison, too, economic growth slowed down since the beginning of the year. In the third quarter of 2012, the price-adjusted GDP grew 0.4% on a year earlier. The relatively small increase is due, among other things, to a calendar effect, as was the case in the second quarter. As the reference quarter had one working day less than the same quarter of the previous year, there was a negative effect on GDP growth. Consequently, the GDP increase was larger in calendar-adjusted terms (+0.9%).

According to first provisional calculations, the economic performance in the third quarter of 2012 was achieved by about 41.7 million persons in employment in the domestic territory, which was an increase of 360,000 people or 0.9% on a year earlier.

In the context of the first calculation of data for the third quarter of 2012, the national accounts results published so far for the first two quarters of 2012 were also revised and corrected where required. This did not result in any change for price-adjusted GDP.

Press release of the Federal Statistical Office (PDF, 97 KB, German)

Munich 15 November 2012

Ifo World Economic Climate

Ifo World Economic Climate Remains Overcast

The Ifo World Economic Climate Indicator continued to fall in the fourth quarter, although only slightly. The decline was due to both less favourable assessments of the current economic situation and downwardly revised expectations for the ix-month economic outlook. The majority of WES experts cited insufficient demand as the main economic problem at the moment. The world economy is treading water.
While the economic climate indicator in North America and Asia declined only slightly versus the third quarter, the drop was somewhat larger in Western Europe. This was due to less favourable assessments of both the current economic ituation and the economic outlook. In North America the current economic situation was reported to have deteriorated somewhat versus the previous quarter, while expectations, on the other hand, are now more positive, albeit only slightly. This primarily applies to the USA. In Canada, by contrast, the values of both climate components are significantly less positive than to date. In Asia the overall current economic situation remains at an unsatisfactory level. Although expectations were somewhat scaled back, they remain positive.

World average inflation estimates for 2012 increased slightly from 3.4% to 3.6%. WES experts on average expect short-term interest rates to remain largely unchanged over the next six months. However, they believe that long-term interest rates are set to increase slightly. On worldwide average economic experts expect hardly any further growth in the value of the US dollar over the next six months.

Hans-Werner Sinn
President

Press release of ifo Institute (PDF, 85 KB)

Wiesbaden 14 November 2012

Manufacturing

Destatis: September 2012: number of employees in manufacturing increasing by 1.8%

At the end of September 2012, 5.3 million people worked in local units of manufacturing with 50 or more persons employed in Germany. As reported by the Federal Statistical Office (Destatis) on the basis of provisional results, that was a rise by about 93,000 persons or 1.8% against September 2011. The number of hours worked in September 2012 decreased 5.1% from a year earlier, reaching 657 million – here it has to be considered that there were two working days less than in September 2011.

The earnings amounted to Euro 18.5 billion; that was 4.3% more than in September 2011.

Press release of the Federal Statistical Office (PDF, 82 KB, German)

Wiesbaden 12 November 2012

Wholesale

Destatis: Wholesale prices in October 2012: +4.6% on October 2011

The index of selling prices in wholesale trade was up 4.6% in October 2012 on October 2011, as reported by the Federal Statistical Office (Destatis). Compared with September 2012, the index of wholesale prices fell by 0.6 in October 2012.

Press release of the Federal Statistical Office (PDF, 84 KB, German)

Wiesbaden 9 November 2012

Insolvency

Destatis: 7.5% less business insolvencies in August 2012

In August 2012, German insolvency courts reported 2,390 business insolvencies. As reported by the Federal Statistical Office (Destatis), that was 7.5% less than in August 2011. The number of consumer insolvencies in August 2012 was 8,594 cases, which was 5.2% less than in August 2011. Together with the insolvencies of other private debtors and of estates, the courts registered a total of 13,093 insolvencies, that was 5.4% less than in August 2011.

From January to August 2012 in all 103,844 insolvencies (–3.4%) were registered, 19,746 of which were enterprise insolvencies (–2.9%). Altogether the courts registered 67,304 consumer insolvencies, which were 3.2% less than in same months one year earlier.


Press release of the Federal Statistical Office (PDF, German)

Wiesbaden 9 November 2011

Consumer prices

Destatis: Consumer prices in October 2012: +2.0% on October 2011

In October 2012, the consumer prices in Germany were up 2.0% on October 2011. Hence the rate of price increase in October 2012 was the same as in September 2012. In August 2012, the inflation rate as measured by the consumer price index had been +2.1%. Compared with September 2012, the consumer price index remained unchanged in October 2012. Thus the Federal Statistical Office (Destatis) confirms its provisional result of 29 October 2012.


The inflation rate was again largely determined by the development of energy prices. Total energy prices in October 2012 were up 5.5% on October 2011 (of which household energy: +5.6%; motor fuels: +5.4%). As regards household energy, prices of heating oil (+11.3%) were markedly higher than a year earlier. In the same period, the charges for central and district heating (+8.2%), gas (+3.2%) and electricity (+3.1%) increased, too. The influence of energy on the overall rate of price increase was smaller in October 2012: Not considering the prices of energy, the inflation rate would have been +1.6% in October 2012.

Compared with the same month of the previous year, food prices increased by 3.3% in October 2012. Substantial price rises were observed for fruit (+7.9%) and vegetables (+7.3%). For many other food groups, too (for example, fish: +5.3%; meat: +4.8%; bread and cereals: +3.6%; confectionery: +3.4%), consumers had to pay markedly more than a year earlier. Price decreases on October 2011 were recorded for dairy products and eggs (−2.8%) and for oils and fats (−6.7%; of which butter: −15.4%).

As regards goods in general, prices increased an above-average 2.8% in October 2012 on October 2011. The sharpest price rise was observed here for non-durable consumer goods (+3.6%). The rate of price increase for consumer goods with a medium-term life (+2.1%) was slightly higher than the general inflation rate. Prices of durable consumer goods rose just slightly by 0.3%.

The prices of total services rose below average by 1.1% from October 2011 to October 2012. The main factor here was again the development of net rents exclusive of heating expenses (+1.1%), on which households spend a good fifth of their overall budget. What remained notable among services is the marked price decrease for financial services (−19.8%), the main reason being that many banks have stopped charging handling fees for personal loans. In the education sector, too, there was an overall price decrease (−4.7%). The main reason here was that public institutions of higher education in Baden-Württemberg (April 2012) and recently in Hamburg (October 2012) abolished tuition fees.

Change in October 2012 on September 2012

Compared with September 2012, the consumer price index on the whole remained unchanged in October 2012. What should be mentioned, however, is price rises for motor vehicle insurance (+4.4%) as well as for clothing and footwear (+1.8%). The latter was largely due to seasonal factors, a major reason being the changeover from the summer to the autumn/winter collection. Food prices in general were up, too (+0.5%). Prices rose in particular for oils and fats (+2.6%; including butter: +6.5%) and vegetables (+2.1%; including tomatoes: +22.4%).

Compared with the previous month, the prices of energy as a whole declined by 1.1% in October 2012. Fuel prices were down (–4.0%; including supergrade petrol: ‑4.5%; diesel fuel: –2.3%). However, household energy prices were up 0.6% from September 2012. In particular, the prices of heating oil rose markedly (+2.2%).


Go to press release of Federal Statistical Office (PDF, German)

Wiesbaden 8 November 2012

Manufacturing

Destatis: Turnover in manufacturing in September 2012 –3.0% seasonal adjusted on August 2012

As reported by the Federal Statistical Office (Destatis) on the basis of provisional data, the manufacturing sector saw turnover fall in real terms adjusted for seasonal fluctuations and working-day variations 3.0% in September compared with August 2012 (following a revised +0.2% in August 2012). Domestic turnover decreased by 2.0%, the business with foreign customers declined 4.0%. Sales to euro area countries were 7.4% below preceding month’s level, sales to other countries went down 1.5%.

Compared with the preceding year, real turnover in manufacturing showed a total decrease of –2.6% in September 2012 after having been adjusted for working-day variations. Decreases were observed in domestic sales –3.6%, while turnover from business with foreign customers fall by 1.4%. Among foreign transactions, sales to euro area countries decreased by –9.6% and turnover for other foreign countries ascended 4.6%.

Cumulated from January to September 2012, the (working-day adjusted) turnover in manufacturing was 0.1% below the level of the same period of the previous year; domestic turnover declined 0.8% while foreign turnover increased by 0.4%.


Go to press release of Federal Statistical Office (PDF, German)

Wiesbaden 8 November 2012

Export

Destatis: German exports in September 2012: –3.4% on September 2011

Germany exported commodities to the value of Euro 91.7 billion and imported commodities to the value of Euro 74.9 billion in September 2012. The Federal Statistical Office (Destatis) also reports on the basis of provisional data that German exports decreased by 3.4% and German imports by 3,6% in September 2012 on September 2011. After calendar and seasonal adjustment, exports decreased by 2.5% and imports by 1.6% compared with August 2012.

The foreign trade balance showed a surplus of Euro 16.9 billion in September 2012. In September 2011, the surplus had amounted to Euro 17.3 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 17.0 billion in September 2012.

According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of Euro 16.3 billion in September 2012, which included the balance of services (+ Euro 0.5 billion), factor income net (+ Euro 4.9 billion), current transfers (– Euro 3.2 billion), and supplementary trade items (– Euro 2.7 billion). In September 2011, the German current account had showed a surplus of Euro 17.0 billion.

In September 2012, Germany dispatched commodities to the value of Euro 52.6 billion to the Member States of the European Union (EU), while it received commodities to the value of Euro 47.5 billion from those countries. Compared with September 2011, dispatches to the EU countries decreased by 7.0%, and arrivals from those countries by 4.8%. Commodities to the value of Euro 34.5 billion (–9.1%) were dispatched to the Euro area countries in September 2012, while the value of the commodities received from those countries was Euro 32.7 billion (–5.7%). In September 2012, commodities to the value of Euro 18.1 billion (–2.7%) were dispatched to EU countries not belonging to the Euro area, while the value of the commodities which arrived from those countries was Euro 14.8 billion (–2.8%).

Exports of commodities to countries outside the European Union (third countries) amounted to Euro 39.2 billion in September 2012, while imports from those countries totalled Euro 27.4 billion. Compared with September 2011, exports to third countries increased by 1.8% and imports from those countries decreased by 1.4%.


Go to press release of Federal Statistical Office (PDF, German)

Munich 8 November 2012

Euro Area: Ifo Economic Climate Indicator

Ifo: Economic Climate in Euro Area Continues to Deteriorate

The Ifo Economic Climate Indicator for the euro area continued to fall in the fourth quarter of 2012. While assessments of the current economic situation deteriorated only slightly, the six-month economic outlook was significantly more negative. Survey participants cited “public budget deficits” as the main reason for the difficult economic situation in the euro area. A lack of demand and high unemployment were ranked as the next most serious current economic problems in the euro area. There are no signs of an economic recovery on the horizon yet.
In Greece, Italy, Portugal, Spain and Cyprus assessments of the current economic situation remain at recession level. WES experts also continued to assess the situation in Belgium, France, Ireland, the Netherlands and Slovenia as unfavourable. In Germany, the current economic situation was reportedly somewhat poorer than in the previous quarter, but remains satisfactory. The same can be said of Estonia and Slovakia. In Finland, on the other hand, assessments of the current economic situation veered from “satisfactory” to “unfavourable”.

The six-month economic outlook continued to deteriorate in most member countries compared to last quarter, and participants do not expect the current economic situation to improve on balance. Ireland, the Netherlands and Estonia are the only countries where expectations for the next six months are positive.

Inflation estimates for 2012 in the euro area increased somewhat from 2.2% to 2.4% p.a. WES experts expect short-term interest rates to remain largely unchanged over the next six months, while long-term interest rates look set to rise only slightly. The majority of the experts surveyed expect the euro/US dollar exchange rate to remain largely stable over the next six months.

Hans-Werner Sinn
President


Press release of Ifo Institute (PDF)

Wiesbaden 2 November 2012

Industry

Destatis: Industry accounting for over one fourth of gross value added in 2011

In 2011, industry (excluding construction) accounted for 26.2% of the German economy’s gross value added. Owing especially to the lively demand from abroad and the demand for investment goods, the share of industry increased on 2009 (23.3%) and 2010 (25.3%). It was also higher in 2011 than the average of the years 2000 to 2010 (25.1%).

Press release of the Federal Statistical Office (PDF, German)

Wiesbaden 31 October 2012

Retail

Destatis: Retail turnover in Germany in September 2012: -3.1 % in real terms on September 2011

According to provisional results of the Federal Statistical Office (Destatis), retail turnover in September 2012 in Germany decreased 0.7% in nominal terms and 3.1% in real terms compared with the corresponding month of the previous year. The number of days open for sale was 25 in September 2012 and 26 in September 2011.

When adjusted for calendar and seasonal variations (CENSUS X-12-ARIMA), the September turnover was in nominal terms 1.9% and in real terms 1.5% larger than that in August 2012.

Compared with the previous year, turnover in retail trade was in the first nine months of 2012 in nominal terms 1.9% larger and in real terms 0.3% smaller.

Press release of the Federal Statistical Office (PDF, German)

Munich 30 October 2012

Credit Hurdle

ifo: Credit Constraints increase slightly

Credit constraints for German industry and trade increased slightly in October. Bank lending practices were assessed as restrictive by only 21.3% of the companies surveyed. The financing climate for companies remains very good. Firms have reported very favourable financing conditions in the German market since the beginning of 2011.

Credit constraints for firms in manufacturing fell again. Only 17.1% of survey participants reported problems with gaining access to bank credit. This is the lowest value since August 2008. Small companies also reported easier access to credit, with constraints only increasing for medium-sized firms. Even in the latter category, however, less than a fifth of the firms surveyed reported problems obtaining bank loans.

In construction credit constraints increased again by 3.1 percentage points to 28.6%, after dropping for four months in succession. In distribution constraints dropped again by 0.2 percent and around a fifth of traders reported problems obtaining credit.

Hans-Werner Sinn
President of the Ifo Institute

Press release of ifo Institute

Wiesbaden 29 October 2012

Consumer prices

Destatis: Consumer prices in October 2012: expected rise of +2.0% on October 2011

The consumer price index for Germany is expected to rise by 2.0% in October 2012 compared with October 2011. Based on the results available so far, the Federal Statistical Office (Destatis) also reports that the consumer price index is expected to remain unchanged on September 2012.

The harmonised consumer price index for Germany, which is calculated for European purposes, is expected to increase by 2.1% in October 2012 on October 2011. It is expected to rise by 0.1% on September 2012.

The final results for October 2012 will be released on 9 November 2012.

Press release of Statistisches Bundesamt

Wiesbaden 26 October 2012

Foreign Trade

Destatis: Import prices in September 2012: +1.8% on September 2011

The index of import prices rose by 1.8% in September 2012 compared to the corresponding month of the preceding year,as reported by the Federal Statistical Office (Destatis). In August 2012 the year-on-year rate of change was +3.2%, in July 2012 it was +1.2%. From August 2012 to September 2012 the index fell by 0.7%.

The index of import prices, excluding crude oil and mineral oil products, was 0.7% above the level of a year earlier (–0,4% compared to August 2012).

The index of export prices increased by 1.7% in September 2012 compared to the corresponding month of the preceding year. In August 2012 the annual rate of change was +1.8% and in July +1.4%, respectively. From August 2012 to September 2012 the index fell by 0.1%.

Press release of Statistisches Bundesamt

Wiesbaden 25 October 2012

Building Industry

Destatis: Main construction industry in August 2012: Value of orders received up 8.4% from the previous year

As reported by the Federal Statistical Office (Destatis), the total price-adjusted value of orders received by enterprises in main construction industry and civil and underground engineering in Germany increased 8.4% in August 2012 from the same month of the previous year. In main construction industry, demand increased 17.6%, in civil and underground engineering it decreased 1.5%.

The number of employees amounted to 739,000 at the end of August 2012. That was a decrease of 19,000 (–2.6%) compared with August 2011.

Press release of Statistisches Bundesamt

Munich 24 October 2012

Ifo Business Climate Index

ifo Institute: Business Climate Continues to Deteriorate

The Ifo Business Climate Index for German industry and trade fell in October for the sixth time in succession. Companies again expressed growing dissatisfaction with their current business situation. The business outlook nevertheless remained unchanged at last month’s low level. The clouds over the German economy are darkening.
In manufacturing last month’s deterioration in the business climate continued in October. Assessments of the current business situation were significantly poorer and now approximately correspond to the long-term average value. Business expectations recovered slightly for the first time in six months and are less pessimistic. According to manufacturers’ reports capacity utilization rates were considerably lower than in the previous quarter. This marks the third drop in succession.

After staging a recovery last month, the business climate index in both retailing and wholesaling dropped this month. The retailers surveyed were much more satisfied with their current business situation, but expressed far greater pessimism about their six-month business outlook. Wholesalers reported slightly improved expectations, but their assessments of the current business situation cooled down significantly.

In construction the business climate indicator fell further. Although the construction companies surveyed expressed less pessimism about their six-month business outlook, they were far less satisfied with their current business situation.

Hans-Werner Sinn
President

Press release of Ifo Institute

Wiesbaden 19 October 2012

Producer prices

Destatis: Producer prices in September 2012: +1.7% on September 2011

In September 2012 the index of producer prices for industrial products rose by 1.7% from the corresponding month of the preceding year. In August 2012 the annual rate of change was +1.6%, in July 2012 it had been +0.9%.

Compared with the preceding month the index in September 2012 rose by 0.3% (+0.5% in August 2012, +/-0.0% in July 2012).

Press release of Federal Statistical Office (Destatis)

Paris 18 October 2012

Global Macroeconomic and Insolvency Outlook Q4

Euler Hermes: Global Macroeconomic and Insolvency Outlook Q4-2012

Global economy still weak in 2012. Only muted recovery in 2013.

- The outlook for the global economy will continue to be dominated by the European debt crisis.

- Euler Hermes forecast: weak momentum in the global economy. GDP growth: 2012: +2.5%; 2013: +2.8%.

- The outlook remains fragile and subject to considerable risks.

Global economic weakness is driving business insolvencies upwards.

Download (PDF) outlook charts of Euler Hermes

Wiesbaden 18 October 2012

Food Service

Destatis: Turnover in accommodation and food service activities in August 2012 in real terms: +1.5% to August 2011

According to results of the Federal Statistical Office (Destatis), turnover in the German accommodation and food service activities increased in August 2012 by 3.3% in nominal terms and by 1.5% in real terms compared with the corresponding month in the previous year.

Compared with the turnover achieved in July 2012, the turnover in August 2012 was in nominal terms 1.0% and in real terms 0.8% larger after adjustment for calendar and seasonal effects (Berlin method 4.1 – BV 4.1).

Compared with the first eight months of the previous year, turnover in the German accommodation and food service activities increased by 2.2% in nominal terms and by 0.2% in real terms in the first eight months of 2012.

Press release of Federal Statistical Office (Destatis)

Luxembourg 17 October 2012

Construction sector

Eurostat: Production in construction up by 0.7% in euro area

Up by 0.2% in EU27

In the construction sector, seasonally adjusted production1 rose by 0.7% in the euro area (EA17) and by 0.2% in the EU27 in August 2012, compared with the previous month, according to first estimates released by Eurostat, the statistical office of the European Union. In July 20123, production increased by 0.1% in the euro area and decreased by 0.1% in the EU27.

Compared with August 2011, production in August 2012 dropped by 5.5% in the euro area and by 6.8% in the EU27.

Monthly comparison
Among the Member States for which data are available for August 2012, production in construction rose in eight and fell in seven. The highest increases were registered in Portugal (+10.4%), Italy (+5.3%) and Romania (+2.8%), and the largest decreases in Hungary (-5.3%), Germany (-2.8%) and the Czech Republic (-1.7%).

Building construction increased by 1.2% in the euro area and dropped by 0.1% in the EU27, after -0.3% and -0.4% respectively in July 2012. Civil engineering decreased by 0.7% in the euro area, but rose by 2.2% in the EU27, after 0.0% and -0.2% respectively in the previous month.

Annual comparison
Among the Member States for which data are available for August 2012, production in construction fell in eleven and rose in four. The largest decreases were registered in Portugal (-17.3%), Slovenia (-14.8%), Slovakia (-11.9%) and the United Kingdom (-11.6%), and the increases in Romania (+5.1%), Bulgaria (+1.3%), Sweden (+1.0%) and Germany (+0.7%).

Building construction declined by 5.2% in the euro area and by 6.9% in the EU27, after -5.7% and -6.0% respectively in July 2012. Civil engineering decreased by 7.9% in the euro area and by 7.5% in the EU27, after -6.8% and -10.5% respectively in the previous month.

Press release of Eurostat

Luxembourg 16 October 2012

Import/Export

Eurostat: Euro area international trade in goods surplus of 6.6 bn euro

12.6 bn euro deficit for EU27

The first estimate for the euro area (EA17) trade in goods balance with the rest of the world in August 2012 gave a 6.6 bn euro surplus, compared with -5.7 bn in August 2011. The July 20122 balance was +14.7 bn, compared with +2.1 bn in July 2011. In August 2012 compared with July 2012, seasonally adjusted exports rose by 3.7% and imports by 2.1%. These data3 are released by Eurostat, the statistical office of the European Union.

The first estimate for the August 2012 extra-EU27 trade in goods balance was a 12.6 bn euro deficit, compared with -22.1 bn in August 2011. The July 20122 balance was +2.7 bn, compared with -10.9 bn in July 2011. In August 2012 compared with July 2012, seasonally adjusted exports increased by 2.9% and imports by 3.3%. [...]

Press release of Eurostat

Wiesbaden 15 October 2012

Employees in manufacturing

Destatis: August 2012: number of employees in manufacturing increasing by 2.2%

At the end of August 2012, 5.3 million people worked in local units of manufacturing with 50 or more persons employed in Germany. As reported by the Federal Statistical Office (Destatis) on the basis of provisional results, that was a rise by about 113,000 persons or 2.2% against August 2011. The number of hours worked in August 2012 increased 1.1% from a year earlier, reaching 655 million – at equal numbers of working days.

The earnings amounted to Euro 18.7 billion; that was 5.2% more than in August 2011.

Press release of Federal Statistical Office (Destatis)

Luxembourg 12 October 2012

Industrial production

Eurostat: Industrial production up by 0.6% in euro area

In August 2012 compared with July 2012, seasonally adjusted industrial production grew by 0.6% in the euro area (EA17) and by 0.3% in the EU27, according to estimates released by Eurostat, the statistical office of the European Union. In July production increased by 0.6% and 1.0% respectively. In August 2012 compared with August 2011, industrial production dropped by 2.9% in the euro area and by 1.8% in the EU27.

Monthly comparison
In August 2012 compared with July 2012, production of durable consumer goods increased by 3.9% in the euro area and by 2.4% in the EU27. Non-durable consumer goods grew by 1.3% and 1.0% respectively. Production of energy rose by 0.9% in the euro area and by 0.3% in the EU27. Capital goods gained 0.7% in the euro area and remained stable in the EU27. Intermediate goods remained stable in the euro area and fell by 0.1% in the EU27.

Among the Member States for which data are available, industrial production rose in thirteen, fell in eight and remained stable in Ireland. The highest increases were registered in Portugal (+6.8%), Lithuania (+4.6%), Slovenia (+4.0%) and Greece (+2.5%), and the largest decreases in the Czech Republic (-2.9%), Denmark (-2.8%), Romania and Finland (both -1.1%).

Annual comparison
In August 2012 compared with August 2011, production of intermediate goods declined by 4.9% in the euro area and by 3.8% in the EU27. Durable consumer goods fell by 4.9% and 2.9% respectively. Capital goods decreased by 1.9% in the euro area and by 0.8% in the EU27. Non-durable consumer goods dropped by 1.4% and 0.8% respectively. Production of energy remained stable in the euro area and fell by 0.5% in the EU27.

Among the Member States for which data are available, industrial production fell in eleven and rose in eleven. The largest decreases were registered in Italy (-5.2%), Spain (-3.2%) and the Czech Republic (-3.1%), and the highest increases in Slovakia (+17.0%), Lithuania (+11.1%) and Latvia (+8.1%). [...]

Press release of Eurostat

Wiesbaden 12 October 2012

Insolvencies

Destatis: 1.9% more business insolvencies in July 2012

In July 2012, German insolvency courts reported 2,580 business insolvencies. As reported by the Federal Statistical Office (Destatis), that was 1.9% more than in July 2011. The number of consumer insolvencies in July 2012 was 8,960 cases, which was 2.8% more than in July2011. Together with the insolvencies of other private debtors and of estates, the courts registered a total of 13,783 insolvencies, that was 2.5% more than in July 2011. The change rates refer to computations without Saarland.

From January to July 2012 in all 90,751 insolvencies (–3.1%) were registered, 17,356 of which were enterprise insolvencies (–2.2%). Altogether the courts registered 58,710 consumer insolvencies, which were 2.9% less than in same months one year earlier. The change rates from the results from January to July 2012 refer to computations with the results of Saarland.

Press release of Federal Statistical Office (Destatis)

Wiesbaden 11 October 2012

Consumer prices

Destatis: Consumer prices in September 2012: +2.0% on September 2011

In September 2012, the consumer prices in Germany were up 2.0% on September 2011. Hence the rate of price increase was down again slightly. In August 2012, the inflation rate as measured by the consumer price index was +2.1%. Compared with August 2012, the consumer price index remained unchanged in September 2012. Thus the Federal Statistical Office (Destatis) confirms its provisional result of 26 September 2012.

The dynamic development of the consumer price index in the past few months has been due to fluctuating energy prices. Not considering the prices of energy, the inflation rate has been constant at +1.4% since June 2012. On the whole, energy prices were up 7.0% in September 2012 on September 2011. The prices of mineral oil products (+9.3%; of which liquid fuel: +10.4%, motor fuels: +8.9%) were considerably higher than a year earlier. Charges for central and district heating (+8.7%), gas (+5.3%) and electricity (+3.0%) climbed in the same period, too. [...]

Press release of Federal Statistical Office (Destatis)

Wiesbaden 10 October 2012

Wholesale

Destatis: Wholesale prices in September 2012: +4.2% on September 2011

The index of selling prices in wholesale trade was up 4.2% in September 2012 on September 2011, as reported by the Federal Statistical Office (Destatis). Compared with August 2012, the index of wholesale prices rose by 1.3% in September 2012.

Press release of Federal Statistical Office (Destatis)

Wiesbaden 9 October 2012

Manufacturing

Destatis: Turnover in manufacturing in August 2012: seasonal adjusted unchanged on July 2012

As reported by the Federal Statistical Office (Destatis) on the basis of provisional data, the manufacturing sector saw turnover unchanged in real terms adjusted for seasonal fluctuations and working-day variations in August compared with July 2012 (following a revised +1.7% in July 2012). Domestic turnover decreased by 1.7%, the business with foreign customers ascended 2.0%. Sales to euro area countries were 2.6% above preceding month’s level, sales to other countries went up 1.6%.

Compared with the preceding year, real turnover in manufacturing showed a total decrease of –1.5% in August 2012 after having been adjusted for working-day variations. Decreases were observed in domestic sales –3.2%, while turnover from business with foreign customers rose by 0.7%. Among foreign transactions, sales to euro area countries decreased by –3.2% and turnover for other foreign countries ascended 3.3%.

Cumulated from January to August 2012, the (working-day adjusted) turnover in manufacturing was 0.2% above the level of the same period of the previous year; domestic turnover declined 0.5% while foreign turnover increased by 0.8%.

Press release of Federal Statistical Office (Destatis)

Wiesbaden 8 October 2012

Foreign Trade

Destatis: German exports in August 2012: +5.8% on August 2011

Germany exported commodities to the value of Euro 90.1 billion and imported commodities to the value of Euro 73.8 billion in August 2012. The Federal Statistical Office (Destatis) also reports on the basis of provisional data that German exports hence increased by 5.8% and imports by 0.4% in August 2012 on August 2011. After calendar and seasonal adjustment, exports increased by 2.4% and imports by 0.3% compared with July 2012.

The foreign trade balance showed a surplus of Euro 16.3 billion in August 2012. In August 2011, the surplus had amounted to Euro 11.6 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 18.3 billion in August 2012.

According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of Euro 11.1 billion in August 2012, which included the balance of services (– Euro 3.9 billion), factor income net (+ Euro 4.8 billion), current transfers (– Euro 3.5 billion), and supplementary trade items (– Euro 2.6 billion). In August 2011, the German current account had showed a surplus of Euro 7.9 billion.

In August 2012, Germany dispatched commodities to the value of Euro 48.7 billion to the Member States of the European Union (EU), while it received commodities to the value of Euro 45.0 billion from those countries. Compared with August 2011, dispatches to the EU countries increased by 0.4%, and arrivals from those countries by 0.7%. Commodities to the value of Euro 30.4 billion (–3.1%) were dispatched to the Euro area countries in August 2012, while the value of the commodities received from those countries was Euro 31.5 billion (+1.1%). In August 2012, commodities to the value of Euro 18.3 billion (+6.8%) were dispatched to EU countries not belonging to the Euro area, while the value of the commodities which arrived from those countries was Euro 13.5 billion (–0.4%).

Exports of commodities to countries outside the European Union (third countries) amounted to Euro 41.4 billion in August 2012, while imports from those countries totalled Euro 28.8 billion. Compared with August 2011, exports to third countries increased by 13.0%, imports from those countries by 0.1%.

Press release of Federal Statistical Office (Destatis)

Wiesbaden 1 October 2012

Inland waterways transport

Destatis: Inland waterways transport stagnates in the 1st half of 2012

In the first six months of 2012, the volume of goods transported on inland waterways changed only slightly in comparison with the same period one year earlier. According to results of the Federal Statistical Office (Destatis), nearly 110 million tonnes of goods were transported on German inland waterways; this is a decrease by 60,000 tonnes or 0.1% on the first half of 2011.


Press release of Federal Statistical Office (Destatis)

Wiesbaden 28 September 2012

Retail turnover

Destatis: Retail turnover in Germany in August 2012: –0.8% in real terms on August 2011

According to provisional results of the Federal Statistical Office (Destatis), retail turnover in August 2012 in Germany increased 1.7% in nominal terms and decreased 0.8% in real terms compared with the corresponding month of the previous year. The number of days open for sale was 27 in August 2012 and 27 in August 2011, too.

When adjusted for calendar and seasonal variations (CENSUS-X-12-ARIMA), the August turnover was in nominal terms 1.0% and in real terms 0.3% larger than that in July 2012.

Compared with the previous year, turnover in retail trade was in the first eight months of 2012 in nominal terms 2.3% and in real terms 0.2% larger.


Press release of Federal Statistical Office (Destatis)

Munich 27 September 2012

Credit Constraints

ifo: Credit Constraints Weaken Slightly

Credit constraints for German industry and trade weakened slightly in September. Bank lending practices were assessed as restrictive by only 20.7% of the firms surveyed. Credit constraints thus remain at a very low level. They last rose above the 25% mark in January 2011. Financing conditions for German companies remain extremely favourable.
In manufacturing credit constraints for large manufacturers fell considerably, but rose for small and medium-sized companies. 22.3% and 18.2 % respectively reported restrictive access to bank credit. At large companies this figure sank by 1.8 percentage points to 17.9%

In construction credit constraints fell by 2.1 percentage points to 25.5%. This marks a new historical low. In trade credit constraints weakened marginally by 0.1 percentage points. 20.4% of traders are unsatisfied with their banks’ lending practices.

Hans-Werner Sinn
President


Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 27 September 2012

Import

Destatis: Import prices in August 2012: +3.2% on August 2011

The index of import prices rose by 3.2% in August 2012 compared to the corresponding month of the preceding year, as reported by the Federal Statistical Office (Destatis). In July 2012 the year-on-year rate of change was +1.2%, in June 2012 it was +1.3%. From July 2012 to August 2012 the index rose by 1.3%.

The index of import prices, excluding crude oil and mineral oil products, was 1.1% above the level of a year earlier (no change compared to July 2012).

The index of export prices increased by 1.8% in August 2012 compared to the corresponding month of the preceding year. In July and in June 2012 the annual rate of change was +1.4%, each. From July 2012 to August 2012 the index rose by 0.4%.

Press release of Federal Statistical Office (Destatis)

Wiesbaden 25 August 2012

Consumer prices

Destatis: Consumer prices in September 2012: expected rise of +2.0% on September 2011

The consumer price index for Germany is expected to rise by 2.0% in September 2012 compared with September 2011. As also reported by the Federal Statistical Office (Destatis) on the basis of the results available so far, the consumer price index is expected to remain unchanged on August 2012.

The harmonised consumer price index for Germany, which is calculated for European purposes, is expected to increase by 2.1% in September 2012 on September 2011. It is expected to remain unchanged on August 2012.

The final results for September 2012 will be released on 11 October 2012.

Press release of Federal Statistical Office (Destatis)

Wiesbaden 25 September 2012

Building Industry

Destatis: Main construction industry in July 2012: Value of orders received down 1.4% from the previous year

As reported by the Federal Statistical Office (Destatis), the total price-adjusted value of orders received by enterprises in main construction industry and civil and underground engineering in Germany decreased 1.4% in July 2012 from the same month of the previous year. In main construction industry, demand increased 5.7%, in civil and underground engineering it decreased 7.6%.

The number of employees amounted to 732,000 at the end of July 2012. That was a decrease of 16,000 (–2.1%) compared with July 2011.


Press release of Federal Statistical Office (Destatis)

Munich 24 September 2012

Ifo Business Climate Index

Ifo Business Climate Index Continues to Fall

The Ifo Business Climate Index for German industry and trade continued to fall in September, marking its fifth successive decline. The companies surveyed are again less satisfied with their current business situation. They also expressed greater pessimism about the future. The curbing forces on the German economy continue to prevail.
After recovering briefly last month, the business climate in manufacturing continued to cool significantly in September. Although survey participants were more cautious in their assessment of the current business situation, it remained clearly above the long-term average value. Expectations concerning the six-month business outlook remained clearly negative and dropped for the fifth month in succession. In terms of the outlook for exports, last month’s slightly negative trend continued.

The business climate recovered at both levels of trade. Companies in retailing reported an improved business situation, while their expectations were only marginally more pessimistic. The same, but even more pronounced trends were seen in wholesaling. The wholesalers surveyed are far more satisfied with their current business situation than last month, but the six-month business outlook continued to cloud over.

In construction the business climate indicator fell again. Assessments of the current business situation are less positive than last month. Moreover, the construction companies surveyed are more pessimistic about their six-month business outlook.

Hans-Werner Sinn
President of the Ifo Institute


Press release of ifo Institut für Wirtschaftsforschung e.V.

Paris 21 September 2012

Automotive

Euler Hermes: Automotive industry: the global market returns to cruising speed

The global automotive market is expected to hold up well, with 4% growth in 2012 and 2013

Production is shifting to the new economies, at the expense of industrialized nations

The US market has seen a revival, with 12% growth and a return to profitability this year

Japan is suffering from the strong yen

European market remains depressed, hit by the crisis and overcapacity; it is expected to shrink by 6% in 2012.

Despite the economic slowdown, the automotive sector worldwide is holding up well, with healthy growth of 4% expected in 2012 and 2013. Production of private and commercial vehicles should reach 83.3 million units this year, and close to 87 million units next year. The industry owes its performance to the emerging economies, first and foremost China and India.

“In a global market posting stable growth, Europe is lagging behind. More than ever, manufacturers must now have an international presence and market specific product range to achieve the returns necessary to finance investment and research”, says Wilfried Verstraete, Chairman of the Euler Hermes Group Management Board. “US manufacturers have achieved a turnaround since the 2008-2009 crisis. In a market expected to grow by 12% in 2012, they should achieve a solid return of 4.7%.”

Regional balances are being overturned
“We are seeing a significant shift of automotive production and consumption towards the new economies, where production costs and vehicle ownership rates are still low while per capita incomes are rising”, explains Ludovic Subran, Euler Hermes’ chief economist. Accordingly, between 2007 and 2011, automotive production leapt by 107.4% in China, 74.7% in India, 27.9% in Mexico, 14.4% in Brazil and 14% in South Korea. In contrast, the traditional markets – other than Germany, which grew by 1.6% - have posted progressive declines: United Kingdom (down 16.4%), Spain (down 18.5%), United States (down 19.7%), France (down 23.9%), Japan (down 27.6%) and Italy (down 38.5%).

Stabilization of growth in the emerging automotive markets
China: Among the emerging automotive markets, China experienced surging growth in 2009-2010. It will return to a more stable pace of growth, around 6%, in 2012-2013. With vehicle ownership levels currently still below 5%, China has very strong growth potential.
India: The automotive market is still quite modest (2.1 million vehicle registrations in 2012) and an annual growth of around 5% is expected in 2012-2013.
Brazil: The market has been stimulated this year by a tax reduction for industrial products. Growth is expected to reach 7% in 2012 before stabilizing at around 4% in 2013.
Russia: The outlook for the Russian market is also good, with vehicle ownership levels of around 25% and an aging stock of vehicles (over 10 years on average). Euler Hermes expects to see growth of 11% in 2012 and 5% in 2013.
Turkey: Due to its high dependence on the euro zone, Turkish automotive production has contracted by more than 10% in 2012. Its medium-term outlook nevertheless remains favorable, as vehicle ownership levels are currently at 10%.

Resurrection of the US automotive sector
While there is a real revival of the automotive sector in the United States, Japan’s competitiveness is being hit by the rising yen.
United States: The market has impressively continued the recovery started in 2009. Growth is expected to be 12% this year, and 5% in 2013. Although the number of vehicle registrations is still below the pre-crisis level, US manufacturers achieve good returns (4.7% in 2012, 5.5% in 2013). In the past two years, the sector has created 100,000 jobs – although the number of employees in the sector had been halved as a result of massive restructuring between 2000 and 2009. Japan: 2011 was a very difficult year for Japan, marked by the earthquake and tsunami, and automotive production declined dramatically. At the same time, the sector has been battling the rising yen since mid-2008, causing a sharp loss in competitiveness and the shift of production to the United States and Europe

Europe has broken down
Falling vehicle registrations, overcapacity, an increased number of players: the European automotive sector – particularly in southern Europe – is currently experiencing the greatest difficulties. The market is expected to contract by 6% in 2012, and by a further 2%-3% in 2013. Production volumes are currently 20% below their pre-crisis levels, equivalent to a loss of 3.5 million units. This is an indication that the adaptations and restructuring needed by the sector are only just beginning.
Italy: Production of private vehicles has halved since 2007.
Spain: Spanish automotive production trends aligned with the European market, shrinking by 26% between 2005 and 2011. The market continues to decline and has more than halved, to 750,000 units, from its pre-crisis level.
France: The collapse of the European market has also hit French manufacturers. Production of private vehicles has halved since 2005, equating 1.6 million units in 2012. “Despite the relocation and concentration of production, the profitability of French manufacturers continues to decline (1% in 2012, 2% in 2013). The time has come to adapt fixed costs to the volumes produced,” explains Yann Lacroix, the head of sector analysis at Euler Hermes.
Germany: Throughout Europe, only German production is doing well. It remains at virtually the same level as before the crisis, although possibly slowing slightly due to the economic conditions in Europe. The highly profitable German manufacturers, bolstered by their premium positioning, are offsetting the decline in the European market through their international activities, reflected in particular in their strong growth in China and the United States (Germany’s first and second largest markets, with 2.7 million and 1 million units respectively).

Presentation of Euler Hermes

Munich 31 August 2012

Credit Constraint Indicator

ifo: Credit Constraints Remain Unchanged

Credit constraints for German industry and trade were unchanged in August and continued to remain at a very low level historically. Bank lending practices were assessed as restrictive by 21.2% of the firms surveyed. Despite the current euro crisis and the uncertainty arising from it, German companies are experiencing no problems with financing.
In manufacturing credit constraints developed differently in the various size categories. 19.7% of large manufacturers reported difficulties in accessing new bank loans, corresponding to an increase of 0.6 percentage points versus last month. In the small-firm category, credit constraints dropped by 0.7 percentage points to 21.1%, marking the third decrease in succession. Credit constraints for medium-sized companies dropped by 1 percentage point after two successive increases and are now at 17.9%.

In construction credit constraints increased again by 0.9 percentage points to 27.6%. In trade 20.6% of survey participants reported restrictive access to bank credit, which corresponds to a minimal increase of 0.1 percentage points.

Hans-Werner Sinn
President


Press release of ifo Institut für Wirtschaftsforschung e.V.

Munich 27 August 2012

Ifo Business Climate Index

ifo: Business Climate Index Continues to Fall

The Ifo Business Climate Index for industry and trade in Germany continued to fall in August. The decline, however, was weaker than last month. The current business situation deteriorated only slightly, but companies expressed greater pessimism regarding future business developments. The German economy continues to falter.
The business climate in manufacturing brightened again after three successive declines. This is due to the fact that companies’ assessments of the current business situation recovered slightly after last month’s sharp downturn. However, their business expectations continued to deteriorate. For the first time in almost three years export expectations are slightly negative.

The business climate cooled down considerably in both retailing and wholesaling. Retailers assessed both the current business situation and their future business outlook far more unfavourably than last month. The wholesalers surveyed reported a similar picture. Assessments of the current business situation weakened significantly and expectations declined for the sixth month in succession.

The business climate indicator in construction dropped slightly. The construction firms surveyed reported a small improvement in their current business situation, but their six-month business outlook continued to deteriorate.

Hans-Werner Sinn
President


Press release of ifo Institut für Wirtschaftsforschung e.V.

Munich 16 August 2012

World Economic Climate

ifo: World Economic Climate Suffers Setback

After two successive increases the Ifo World Economic Climate Indicator fell in the third quarter. The decline was due to both unfavourable assessments of the current economic situation and a less positive six-month economic outlook. The results imply a setback in the recovery of world economy.
In Western Europe and North America the economic climate indicator fell compared to the second quarter, mainly due to far less positive expectations for the next six months. Assessments of the current situation were also poorer. In Asia, on the other hand, less favourable assessments of the current economic situation were primarily responsible for the indicator’s decline, after its strong upturn in the previous quarter. Despite a small downwards revision, the sixmonth economic outlook for Asia nevertheless remains positive.

World average inflation estimates for 2012 dropped to 3.4% (previous quarter: 3.6%). WES experts on average expect short-term interest rates to fall over the next six months. However, they believe that long-term interest rates are set to increase slightly.

According to WES experts the British pound and the yen are over-valued. On worldwide average economic experts expect the dollar exchange rate to rise over the next six months.

Hans-Werner Sinn
President


Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 14 August 2012

Gross Domestic Product (GDP)

Destatis: Gross domestic product in 2nd quarter of 2012: moderate increase of +0.3%

The German economy continues its growth at a slightly slower pace. In the second quarter of 2012, the gross domestic product (GDP) rose 0.3% – upon price, seasonal and calendar adjustment – on the previous quarter, as reported by the Federal Statistical Office (Destatis). In the first quarter of 2012, the GDP had been up +0.5%.

In a quarter-on-quarter comparison, positive contributions were made both by final consumption expenditure and by the balance of exports and imports. According to provisional calculations, the increase in exports was slightly larger than the increase in imports. Also, domestic consumption (by both private households and government budgets) was higher than in the previous quarter. This compensated for the decrease in capital formation observed especially for machinery and equipment.

In a year-on-year comparison, too, the GDP was up. In the second quarter of 2012, the price-adjusted GDP grew 0.5% on the second quarter of 2011. The relatively small increase is due, among other things, to the calendar effect. As the reference quarter had one working day less than the same quarter of the previous year, there was a negative calendar effect on GDP growth. Consequently, in calendar-adjusted terms, the GDP increase was larger (+1.0%).

According to provisional calculations, the economic performance in the second quarter of 2012 was achieved by 41.6 million persons in employment in the domestic territory, which was an increase of 514,000 persons or 1.3% on a year earlier.

In addition to the first calculation of data for the second quarter of 2012, the results published so far for the last four years (from 2008) were revised and corrected where required, as is done every year in August. Corrections of the seasonally and calendar-adjusted results may occur in the entire time series from 1991.

The current recalculation has led to rates of change of the annual and quarterly unadjusted GDP values which, as from 2010, differ by up to 0.6 percentage points from the previously published results. The rates of change of the seasonally and calendar-adjusted results have been corrected by up to 0.3 percentage points. Especially the rates of GDP change for the quarters and the year of 2010, for which results of annual basic statistics are now available for the first time, have – in part markedly – been corrected upwards (see table “Comparison between previous and new results, gross domestic product, price-adjusted, chain-linked”).

Such continuous revisions are conducted on a routine basis, so that the calculations include statistical information that has just become available. The calculation of the GDP and other macroeconomic aggregates are thus successively put on a statistically better founded data basis. The complete basic statistics required for a “final” calculation of national accounts results are available after four years at the latest, so that the results will be final and will no longer require regular revision only after that period.


Press release of Federal Statistical Office (Destatis)

Wiesbaden 13 August 2012

Wholesale

Destatis: Wholesale prices in July 2012: +2.0% on July 2011

The index of selling prices in wholesale trade was up 2.0% in July 2012 on July 2011, as reported by the Federal Statistical Office (Destatis). Compared with June 2012, the index of wholesale prices rose by 0.3% in July 2012.


Press release of Federal Statistical Office (Destatis)

Wiesbaden 10 August 2012

Inflation Rate

Destatis: Consumer prices July 2012: +1.7% on July 2011

In July 2012, consumer prices in Germany were up by 1.7% on July 2011. The inflation rate remained the same as in June 2012. In May 2012, the rise in prices as measured by the consumer price index was 1.9%. Prior to that, the last time that the rate fell below 2.0% was in December 2010, when it stood at +1.7%, too. Compared with June 2012, the consumer price index increased by 0.4% in July 2012. The Federal Statistical Office (Destatis) thus confirms its provisional result for July 2012, which was released on 27 July 2012.

As in the previous months, the price rise in July 2012 on July 2011 was mainly due to higher non-durable consumer goods prices (+3.2%). Especially energy prices were markedly above the level of July 2011 in July 2012 with an increase by 4.4% (of which household energy: +5.3%; motor fuel: +2.9%). Food prices also rose notably during that period, they were up by 3.0%. Not considering the price development of these two product groups, which together account for nearly 20% of household final consumption expenditure, the inflation rate would have been 1.1% in July 2012.

The above-average rise in food prices in July 2012 affected many product groups. Higher prices were recorded, for instance, for fruit (+6.9%), fish (+5.5%), meat (+5.2%), bread and cereals (+4.1%; including flour: +30.0%) and confectionery (+4.0%; including sugar: +22.3%). In contrast, the prices of dairy products and eggs were down against July 2011 (−1.6%; including UHT milk: −7.4%; cream: −7.3%; eggs: −4.5%) and so were the prices of oils and fats (−8.3%). Here, the contrasting development of butter (−22.8%) and margarine prices (+9.5%) was particularly notable.

In the non-durable consumer goods category, price increases were recorded in July 2012 in particular for tobacco products (+3.9%) as for energy and food. The prices of consumer goods with a medium-term life rose by 1.7% in July 2012 compared with July 2011 (including clothing and footwear: +2.2%). The prices of durable consumer goods showed a below-average increase by 0.3% over the twelve-month period, with the prices of individual goods even falling markedly (for example desktop PC: −20.1%; DVD player: −11.8%; TV set: −10.3%).

The prices of services were up by 0.9% in July 2012 against July 2011. This is mainly due to the development of net rents (+1.1% compared with July 2011). However, there were also marked price increases, such as for air tickets (+6.2%) and package holidays (+5.8%). A consumer-friendly price development was observed, among others, for communication (−1.2%) and financial services (−17.2%), mainly because many banks have stopped charging handling fees for personal loans.

Change in July 2012 on June 2012

Compared with June 2012, the consumer price index rose by 0.4% in July 2012. This price development was mainly due to seasonal factors. In the holiday month of July 2012, the prices especially of package holidays (+14.9%), accommodation services (+9.4%) and air tickets (+8.7%) went up notably. Motor fuel prices rose by 1.3% compared with the preceding month, after slight decreases in May and June 2012.

Substantial price increases on the previous month were also observed for household energy (+1.0%). In particular, the prices of heating oil again increased significantly (+4.6%). In contrast to that, the prices of food were down in July 2012 compared with June 2012 (–0.8%). Less had to be paid especially for grapes (–24.6%) and bananas (‑4.2%) and also for vegetables (–5.0%; including sweet peppers: –27.1%; tomatoes: ‑14.5%; butterhead lettuce: –12.9%). Compared with the preceding month, the price development for clothing and footwear was also favourable for consumers (−3.7%; including clothing: -4.4%) particularly on account of seasonal price reductions for some summer articles.


Press release of Federal Statistical Office (Destatis)

Wiesbaden 10 August 2012

Insolvencies

Destatis: 9.9% less business insolvencies in May 2012

In May 2012, German insolvency courts reported 2,353 business insolvencies. As reported by the Federal Statistical Office (Destatis), that was 9.9% less than in May 2011. The number of consumer insolvencies in May 2012 was 8,361 cases, which was 10.9% less than in May 2011. Together with the insolvencies of other private debtors and of estates, the courts registered a total of 12,760 insolvencies, that was 11.2% less than in May 2011.

From January to May 2012 in all 64,334 insolvencies (–4.7%) were registered, 12,409 of which were enterprise insolvencies (–2.5%). Altogether the courts registered 41,466 consumer insolvencies, which were 4.9% less than in same months one year earlier.


Press release of Statistisches Bundesamt

Munich 9 August 2012

Euro Area: Ifo Economic Climate Indicator

ifo: Economic Climate in Euro Area Deteriorates

After two successive increases the Ifo Economic Climate Indicator for the euro area fell in the third quarter of 2012 and is now significantly below its long-term average value. Assessments of the current economic situation and expectations were both poorer than in the second quarter. The economy is not expected to pick up in the next six months. The debt crisis has flared up again and is hampering economic activity in the euro area.
In Greece, Italy, Portugal, Spain and Cyprus assessments of the current economic situation remain at recession level. Assessments of the situation in Belgium, France, Ireland, the Netherlands and Slovenia are only slightly better. In Germany, Estonia and Finland the majority of participants continued to assess the current economic situation positively, although to a lesser degree that in last quarter’s survey.

The six-month economic outlook clouded over in most member countries compared to last quarter. Ireland and the Netherlands are the only countries where expectations have risen and pointing to a modest recovery in economy activity.

Inflation estimates for 2012 in the euro area have fallen slightly from 2.4% to 2.2% p.a. WES experts expect short-term interest rates to fall over the next six months, while long-term interest rates look set to rise slightly. The majority of the experts surveyed also expect the US dollar to strengthen somewhat against the euro in the next six months.

Hans-Werner Sinn
President


Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 8 August 2012

Export

Destatis: German exports in June 2012: +7.4%on June 2011

Germany exported commodities to the value of Euro 94.6 billion and imported commodities to the value of Euro 76.7 billion in June 2012. The Federal Statistical Office (Destatis) also reports on the basis of provisional data that German exports hence increased by 7.4% and imports by 1.5% in June 2012 on June 2011. After calendar and seasonal adjustment, exports decreased by 1.5% and imports by 3.0% compared with May 2012.

The foreign trade balance showed a surplus of Euro 17.9 billion in June 2012. In June 2011, the surplus had amounted to Euro 12.5 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 16.2 billion in June 2012.

According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of Euro 16.5 billion in June 2012, which included the balance of services (– Euro 1.0 billion), factor income net (+ Euro 4.7 billion), current transfers (– Euro 2.3 billion), and supplementary trade items (– Euro 2.7 billion). In June 2011, the German current account had showed a surplus of Euro 11.0 billion.

In June 2012, Germany dispatched commodities to the value of Euro 53.6 billion to the Member States of the European Union (EU), while it received commodities to the value of Euro 49.3 billion from those countries. Compared with June 2011, dispatches to the EU countries decreased by 0.5%, and arrivals from those countries by 1.4%. Commodities to the value of Euro 35.5 billion (–3.0%) were dispatched to the Euro area countries in June 2012, while the value of the commodities received from those countries was Euro 34.9 billion (–2.8%). In June 2012, commodities to the value of Euro 18.0 billion (+4.8%) were dispatched to EU countries not belonging to the Euro area, while the value of the commodities which arrived from those countries was Euro 14.4 billion (+2.2%).

Exports of commodities to countries outside the European Union (third countries) amounted to Euro 41.1 billion in June 2012, while imports from those countries totalled Euro 27.5 billion. Compared with June 2011, exports to third countries increased by 19.8% and imports from those countries by 7.2%.

Press release of Statistisches Bundesamt

Wiesbaden 2 August 2012

Manufacturing

Destatis: Imports of textiles, clothing, leather goods and footwear increasing 13% in 2011

In 2011, Germany imported textiles, clothing and leather goods to the value of Euro 47.2 billion. Based on provisional results, the Federal Statistical Office (Destatis) also reports that this was an increase in the import value of about 13% compared with a year earlier. In 2010, the total of those imports amounted to Euro 41.7 billion.

As in 2010, the main suppliers were China, Turkey, Italy, Bangladesh and India in 2011.


Press release of Statistisches Bundesamt

Munich 31 July 2011

Credit Constraint Indicator

ifo: Credit Constraints Continue to Rise

Credit constraints for German industry and trade increased by 1.3 percentage points in July. Bank lending practices were assessed as restrictive by 21.2% of the firms surveyed. This figure nevertheless remains lower than it was a year ago. In view of these figures, increased uncertainty cannot really be said to have impacted bank lending practices. Indeed, the financing conditions for German firms remain extremely favourable.

In manufacturing last month's trends continued. Large and medium companies' credit constraints increased by 1.1 and 1.8 points respectively. However, fewer than 20% of the firms surveyed reported restrictive access to bank loans. Credit constraints for small firms fell by another 0.5 percentage points to 21.8%.

After increasing last month, credit constraints in construction fell by 0.8 percentage points to 26.7%. The biggest upturn in the July survey was recorded in trade. 20.5% of the firms surveyed reported problems in the credit market, representing an increase of 2.5 percentage points.

Hans-Werner Sinn
President, Ifo Institute

Press release of ifo Institute

Wiesbaden 29 July 2012

Wholesale

Destatis: Wholesale turnover in the 2nd quarter 2012: +0.1% in real terms on the 2nd quarter 2011

According to provisional results of the Federal Statistical Office (Destatis) the turnover achieved by wholesale trade in Germany in the second quarter 2012 increased 0.6% in nominal terms and 0.1 % in real terms compared with the second quarter 2011.

In June 2012 turnover in wholesale trade was in nominal terms 4.2% and in real terms 4.0% larger than that in June 2011.

Compared with the previous year, turnover in wholesale trade increased 2.0% in nominal terms and 1.0% in real terms in the first six months of 2012.


Press release of Statistisches Bundesamt

Wiesbaden 26 July 2012

Import prices

Destatis: Import prices in June 2012: +1.3% on June 2011

The index of import prices rose by 1.3% in June 2012 compared to the corresponding month of the preceding year, as reported by the Federal Statistical Office (Destatis). In May 2012 the year-on-year rate of change was +2.2%, in April 2012 it was +2.3%. From May 2012 to June 2012 the index fell by 1.5%.

The index of import prices, excluding crude oil and mineral oil products, was 1.6% above the level of a year earlier (–0.2% compared to May 2012).

The index of export prices increased by 1.4% in June 2012 compared to the corresponding month of the preceding year. In May 2012 the year-on-year rate of change was +1.6%, in April 2012 it was + 1.8%, respectively. From May 2012 to June 2012 the index fell by 0.3%.

Press release of Statistisches Bundesamt

Munich 25 July 2012

Business Climate Index

ifo: Business Climate Index continues to fall

The Ifo Business Climate Index for industry and trade in Germany fell in July. After improving last month, assessments of the current business situation were more cautious again this month. Expectations in terms of the business outlook were also more pessimistic. The euro crisis is having an increasingly negative impact on the German economy.

The business climate in manufacturing deteriorated significantly. More specifically, manufacturers assessed their current business situation much less favourably than last month. Capacity utilisation was clearly lower. In terms of the business outlook manufacturers’ expectations also fell considerably. Export expectations, on the other hand, declined only slightly.

Developments in retailing offer a ray of hope, as the business climate indicator continued to rise at this level of trade. Retailers assessed both their current business situation and their six-month business outlook more favourably. In wholesaling, on the other hand, the business climate continued to deteriorate. Wholesalers reported an improved business situation, but expressed greater pessimism regarding future business developments.

After rising last month, the business climate indicator in construction dropped in July. While assessments of the current business situation improved slightly, the construction firms surveyed are considerably more sceptical about future business developments.

Hans-Werner Sinn
President of the Ifo Institute for Economic Research at the University of Munich

Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 25 July 2012

Foreign Trade UK

Destatis: Continued upward trend in trade with the United Kingdom in 2011

In 2011, Germany exported goods to the value of Euro 65.5 billion to the United Kingdom, which was an increase of 11.7% compared with the previous year. This is reported by the Federal Statistical Office (Destatis) to coincide with the Olympic Summer Games starting in London on 27 July. Exports to the United Kingdom had grown by a two-digit percentage (+10.2%) in 2010 already, following a sharp decline of 17.0% in the crisis year of 2009.

Press release of Statistisches Bundesamt

Paris 19 July 2012

Global Macroeconomic and Insolvency Outlook

Euler Hermes: Global Macroeconomic and Insolvency Outlook Q3-2012

Global economy expected to be weaker again in 2012, followed by a moderate recovery in 2013. Corporate insolvencies back on an upward curve.

Against the backdrop of the ongoing European debt crisis, the prospects for the global economy have worsened again since spring. Euler Hermes forecasts a further decline in global GDP growth from 2.9 in 2011 to 2.5% in 2012, after which it should gain slightly more momentum in 2013 (2.9%). The outlook for 2012 remains mixed:
- The US economy should expand at a muted pace.
- The euro zone as a whole will go through a recession.
- The momentum of growth in the emerging markets will slow but continue to drive global growth.

The global insolvency index is unfortunately on a rebound. The index is expected to rise by 4% in 2012 after a decline of 4% in 2011. This is mainly caused by (Southern) Europe:
- The euro zone index will accelerate from +7% in 2011 to +14% in 2012, with the index for the Mediterranean countries increasing at a much faster rate (+20%).
- The US situation remains positive with a further decline of 10%.

The outlook remains fragile; all told, there are still distinct downside risks.

Germany: muted positive outlook – decline in insolvencies coming to a halt in 2012

The fragile state of the global economy, which is exposed to considerable downside risks given the turmoil afflicting the euro zone, indicates at most only a moderately positive outlook for the export-oriented German economy. After expansion of 3.1% in 2011, GDP growth will slow to 1.0% in 2012 before rising to 1.7% in 2013.

The hitherto positive trend in corporate insolvencies is set to come to an end in 2012, with the number expected to remain flat at the previous year’s level of 30,100 (+0.0%), after declining by 5.9% in 2011. The total of bad debts is likely to rise sharply by 85 % to reach an amount of some EUR 37 billion. The rising number of major insolvencies is the reason for this trend.

Euler Hermes Outlook (PDF)

Luxembourg 18 July 2012

Construction sector

eurostat: Production in construction up by 0.1% in euro area

In the construction sector, seasonally adjusted production rose by 0.1% in the euro area (EA17) and by 1.6% in the EU27 in May 2012, compared with the previous month. In April 2012, production decreased by 3.7% and 6.9% respectively.

Compared with May 2011, production in May 2012 dropped by 8.4% in the euro area and by 6.9% in the EU27.

Monthly comparison
Among the Member States for which data are available for May 2012, production in construction rose in eight, fell in six and remained stable in the Czech Republic. The highest increases were registered in the United Kingdom (+6.3%), Romania (+5.0%) and Portugal (+3.6%), and the largest decreases in Slovenia (-17.5%), Hungary (-4.1%) and Spain (-3.3%).

Building construction dropped by 0.2% in the euro area, but increased by 1.8% in the EU27, after -3.6% and -7.7% respectively in April 2012. Civil engineering rose by 0.6% in the euro area and by 0.7% in the EU27, after -3.9% and -4.8% respectively in the previous month.

Annual comparison
Among the Member States for which data are available for May 2012, production in construction fell in twelve and rose in three. The largest decreases were registered in Spain (-24.8%), Slovenia (-23.7%) and Portugal (-16.4%), and the increases in Romania (+21.1%), Poland (+6.5%) and Germany (+2.2%).

Building construction declined by 8.6% in the euro area and by 6.3% in the EU27, after -5.9% and -5.1% respectively in April 2012. Civil engineering decreased by 9.3% in the euro area and by 10.9% in the EU27, after -9.3% and -10.9% respectively in the previous month.

Press release of eurostat

Luxembourg 16 July 2012

Inflation rate

eurostat: Euro area annual inflation stable at 2.4%

Euro area annual inflation was 2.4% in June 2012, unchanged compared with May. A year earlier the rate was 2.7%.

Monthly inflation was -0.1% in June 2012. EU annual inflation was 2.6% in June 2012, up from 2.5% in May. A year earlier the rate was 3.1%. Monthly inflation was 0.0% in June 2012.

Inflation in the EU Member States
In June 2012, the lowest annual rates were observed in Sweden (0.9%), Greece (1.0%) and Bulgaria (1.6%), and the highest in Hungary (5.6%), Estonia and Malta (both 4.4%). Compared with May 2012, annual inflation fell in eight Member States, remained stable in eight and rose in ten.

The lowest 12-month averages4 up to June 2012 were registered in Sweden (1.1%), Ireland (1.6%) and Greece (1.9%), and the highest in Estonia and Hungary (both 4.7%) and Slovakia (4.1%).

Euro area
The main components with the highest annual rates in June 2012 were alcohol & tobacco (4.9%), housing (3.7%) and transport (3.1%), while the lowest annual rates were observed for communications (-2.8%), education (0.7%) and recreation & culture (0.8%). Concerning the detailed sub-indices, fuels for transport (+0.13 percentage points), gas (+0.11) and tobacco (+0.10) had the largest upward impacts on the headline rate, while telecommunications (-0.17), cars and rents (-0.06 each) had the biggest downward impacts.

The main components with the highest monthly rates were food and hotels & restaurants (both 0.4%) and communications (0.2%), while the lowest monthly rates were observed for clothing (-1.2%), transport (-0.7%) and housing (-0.1%) In particular, fruit (+0.08 percentage points) and accommodation services (+0.03) had the largest upward impacts, while fuels for transport (-0.16), garments (-0.07) and heating oil (-0.04) had the biggest downward impacts. [...]

Press release of eurostat

Wiesbaden 12 July 2012

Wholesale prices

Destatis: : Wholesale prices in June 2012: +1.1% on June 2011

The index of selling prices in wholesale trade was up 1.1% in June 2012 on June 2011, as reported by the Federal Statistical Office (Destatis). Compared with May 2012, the index of wholesale prices fell by 1.1% in June 2012.

Press release of Statistisches Bundesamt

Wiesbaden 11 July 2012

Inflation rate

Destatis: Consumer prices in June 2012: +1.7% on June 2011

In June 2012, consumer prices in Germany were up by 1.7% on June 2011. This means that the rise in prices has continued to slow down. In May 2012, the inflation rate as measured by the consumer price index was 1.9%. Prior to that, the last time that the inflation rate fell below 2.0% was in December 2010, when it stood at 1.7%. Compared with May 2012, the consumer price index decreased by 0.1% in June 2012. The Federal Statistical Office (Destatis) thus confirms its provisional result for June 2012 released on 27 June 2012.

In June 2012, the rate of inflation was mainly determined by the development of energy and food prices. Energy prices rose by a total of 4.0% in June 2012 compared with June 2011. Food prices increased by 3.6% over the same period. Accordingly, the influence of food prices on overall inflation became much stronger in June 2012. Not considering the price development of these two product groups, which together account for nearly 20% of household final consumption expenditure, the inflation rate would have been 1.1% in June 2012.

As regards energy prices, both household energy prices (+4.9%; including charges for central and district heating: + 9.9%; gas: +6.5%; heating oil: +3.1%) and motor fuel prices (+2.2%) were again higher in June 2012 than in the previous year. However, the pressure from energy prices as a whole gradually decreased, which contributed substantially to the falling rate of inflation. [...]

Press release of Statistisches Bundesamt

Wiesbaden 9 July 2012

Export

Destatis: German exports in May 2012: +0.5% on May 2011

Germany exported commodities to the value of Euro 92.5 billion and imported commodities to the value of Euro 77.2 billion in May 2012. The Federal Statistical Office (Destatis) also reports on the basis of provisional data that German exports hence increased by 0.5% and imports decreased by 0.2% in May 2012 on May 2011. Upon calendar and seasonal adjustment, exports increased by 3.9% and imports by 6.3% compared with April 2012.

The foreign trade balance showed a surplus of Euro 15.3 billion in May 2012. In May 2011, the surplus had amounted to Euro 14.6 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 15.0 billion in May 2012.

According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of Euro 9.0 billion in May 2012, which included the balance of services (– Euro 1.0 billion), factor income net (– Euro 0.8 billion), current transfers (– Euro 1.7 billion), and supplementary trade items (– Euro 2.8 billion). In May 2011, the German current account had showed a surplus of Euro 7.4 billion.

In May 2012, Germany dispatched commodities to the value of Euro 53.6 billion to the Member States of the European Union (EU), while it received commodities to the value of Euro 49.5 billion from those countries. Compared with May 2011, dispatches to the EU countries decreased by 1,5%, while arrivals from those countries increased by 0.4%. Commodities to the value of Euro 35.8 billion (–2.3%) were dispatched to the Euro area countries in May 2012, while the value of the commodities received from those countries was Euro 34.8 billion (–0.6%). In May 2012, commodities to the value of Euro 17.8 billion (+0.2%) were dispatched to EU countries not belonging to the Euro area, while the value of the commodities which arrived from those countries was Euro 14.7 billion (+2.7%).

Exports of commodities to countries outside the European Union (third countries) amounted to Euro 38.9 billion in May 2012, while imports from those countries totalled Euro 27.7 billion. Compared with May 2011, exports to third countries increased by 3.4% and imports from those countries decreased by 1.2%.

Press release of Statistisches Bundesamt

Munich 29 June 2012

Credit Constraints

ifo: Credit Constraints increase slightly

Credit constraints for German industry and trade have increased slightly. Bank lending practices were assessed as restrictive by 19.9% of the firms surveyed. This represents an increase of 0.3 percentage points and changes very little in terms of the basic situation in the credit market. Despite growing problems arising from the euro crisis, German firms are still able to borrow money on favourable terms.

In manufacturing trends for the respective company-size categories reversed compared to last month. For large and medium-sized companies credit constraints credit constraints increased by 1.5 and 0.3 percentage points respectively, after decreasing last month. 18% of large companies and 17.1% of medium-sized companies now report a restrictive access to bank loans. After increasing last month, credit constraints for small firms fell from 23.1% to 22.3%.

In construction the credit constraint dropped by half a percentage point to 27.5%. In trade access to credit weakened only minimally. 18% of the firms in distribution surveyed reported restrictive access to credit.

Hans-Werner Sinn
President, Ifo Institute for Economic Research

Press release of ifo Institut für Wirtschaftsforschung e.V.

Paris 28 June 2012

BtoB payment behavior

Euler Hermes: BtoB payment behavior in Europe: gaps are widening

​Significant gaps now, could widen in 2012: northern vs. southern countries, between sectors

Deterioration requires increased effort to comply with 2013 EU directive on late payments

Germany payment periods shorter than France in all sectors

In March 2013, a European directive setting out a maximum inter-company payment period of 60 days becomes effective. It aims to eliminate late payments that distress the business climate and weaken company cash positions, particularly during crises and when access to bank financing is difficult.

"The 2008/9 financial crisis and its many secondary effects led to a deterioration in the quality of inter-company payments in Europe, increasing payment periods, delays and payment defaults overall, » explains Ludovic Subran, chief economist at Euler Hermes.

"The enhanced 2013 legal framework is designed to reduce and harmonize payment periods within the EU. The differences between countries - which can now vary from 24 days in Germany to over 100 in Italy - indicate that convergence will be difficult to achieve in the short term. The economic situation in southern European countries aggravates these differences. Companies in that region will need to work twice as hard to align with the new standard," he adds.

An analysis conducted by Euler Hermes on payment behavior by country and by sector shows significant differences between countries and between business sectors. [...]

Press release of Euler Hermes

Presentation

Wiesbaden 27 June 2012

Import prices

Destatis: Import prices in May 2012: +2.2% on May 2011

The index of import prices rose by 2.2% in May 2012 compared to the corresponding month of the preceding year, as reported by the Federal Statistical Office (Destatis). In April 2012 the annual rate of change was +2.3%, in March 2012 it was +3.1%. From April 2012 to May 2012 the index fell by 0.7%.

The index of import prices, excluding crude oil and mineral oil products, was 1.4% above the level of a year earlier (+0.2% compared to April 2012).

The index of export prices increased by 1.6% in May 2012 compared to the corresponding month of the preceding year. In April 2012 the annual rate of change was +1.8%, in March 2012 it was +1.9%, respectively. From April 2012 to May 2012 the index fell by 0.1%.

Press release of Statistisches Bundesamt

Wiesbaden 25 June 2012

Building Industry

Destatis: Main construction industry in April 2012: Value of orders received up 7.3% from the previous year

As reported by the Federal Statistical Office (Destatis), the total price-adjusted value of orders received by enterprises in main construction industry and civil and underground engineering in Germany increased 7.3 % in April 2012 from the same month of the previous year. In main construction industry, demand increased 10.8 %, in civil and underground engineering it increased 3.7 %.

The number of employees amounted to 723,000 at the end of April 2012. That was a decrease of 14,000 (–1.9 %) compared with April 2011.

Press release of Statistisches Bundesamt

Munich 22 June 2012

Business Climate Index

ifo: Business Climate Index falls again

The Ifo Business Climate Index for industry and trade in Germany continued to fall in June. Although assessments of the current business situation brightened somewhat after deteriorating significantly last month, companies reported far lower expectations with regard to their six-month business outlook. The German economy fears the growing impact of the euro crisis.

The business climate index in manufacturing dropped further. Manufacturers assess the current business situation as slightly improved. As far as their six-month business outlook is concerned, however, manufacturers expressed far greater caution than in the past. Their expectations in terms of export business are also much lower and their recruitment plans remain defensive.

In retailing the business climate recovered somewhat, after clouding over considerably last month. The retailers surveyed assess their current business situation much more positively and are also no longer as pessimistic about future business developments as they were last month. In wholesaling, on the other hand, the business climate indicator fell. Fewer wholesalers described their current business situation as good. Moreover, they are now slightly more sceptical as far as their outlook is concerned.

The business climate brightened slightly in construction. While the current business situation remained unchanged from the previous month, the construction firms surveyed are more optimistic about their six-month outlook.

Hans-Werner Sinn
President of the Ifo Institute for Economic Research at the University of Munich

Press release of ifo Institut für Wirtschaftsforschung e.V.

Luxembourg 19 June 2012

Construction

eurostat: Production in construction down by 2.7% in euro area

In the construction sector, seasonally adjusted production fell by 2.7% in the euro area (EA17) and by 6.6% in the EU27 in April 2012, compared with the previous month. In March 2012, production increased by 11.4% and 10.8% respectively.

Compared with April 2011, production in April 2012 dropped by 5.0% in the euro area and by 5.1% in the EU27.

Monthly comparison
Among the Member States for which data are available for April 2012, production in construction fell in nine and rose in five. The largest decreases were registered in the United Kingdom (-18.1%), Slovenia (-9.3%), Portugal (-6.7%) and Germany (-6.0%), and the highest increases in Romania (+11.5%), France (+2.3%) and Poland (+1.9%).

Building construction dropped by 2.7% in the euro area and by 7.3% in the EU27, after +11.0% in both zones in March 2012. Civil engineering fell by 1.1% in the euro area and by 2.7% in the EU27, after +14.0% and +12.5% respectively in the previous month.

Annual comparison
Among the Member States for which data are available for April 2012, production in construction fell in nine and rose in five. The largest decreases were registered in Italy and Slovakia (both -15.1%), Spain (-14.6%), Portugal (-14.3%) and Slovenia (-14.1%), and the highest increases in Romania (+22.8%), Poland (+9.7%) and Sweden (+4.3%).

Building construction declined by 4.7% in the euro area and by 4.6% in the EU27, after -2.3% and -2.8% respectively in March 2012. Civil engineering decreased by 6.2% in the euro area and by 8.6% in the EU27, after -4.6% and -7.8% respectively in the previous month.

Press release of eurostat

Luxembourg 18 June 2012

Renewable energy

eurostat: The contribution of renewable energy up to 12.4% of energy consumption in the EU27 in 2010

In 2010, energy from renewable sources was estimated to have contributed 12.4% of gross final energy consumption in the EU27, compared with 11.7% in 2009 and 10.5% in 2008. The 2009 Directive on renewable energy set individual targets for all Member States, such that the EU will reach a 20% share of total energy consumption from renewable sources by 2020. These targets take into account the Member States' different starting points, renewable energy potential and economic performance.

Highest share of renewables in Sweden, Latvia, Finland, Austria and Portugal
The highest share of renewable energy in total consumption in 2010 was found in Sweden (47.9% of renewable energy sources in total consumption), Latvia (32.6%), Finland (32.2%), Austria (30.1%) and Portugal (24.6%), and the lowest in Malta (0.4%), Luxembourg (2.8%), the United Kingdom (3.2%) and the Netherlands (3.8%).

Between 2006 and 2010, all Member States increased their share of renewable energy in total consumption. The largest increases were recorded in Estonia (from 16.1% in 2006 to 24.3% in 2010), Romania (from 17.1% to 23.4%), Denmark (from 16.5% to 22.2%), Sweden (from 42.7% to 47.9%) and Spain (from 9.0% to 13.8%).

Press release of eurostat

Luxembourg 15 June 2012

International trade

eurostat: Euro area international trade in goods surplus of 5.2 bn euro

EU27 detailed results for January to March 2012
The EU27 deficit for energy increased (-109.9 bn euro in January-March 2012 compared with -94.1 bn in January-March 2011), as did the surplus for manufactured goods (+76.7 bn compared with +49.4 bn).

EU27 exports to most of its major partners grew in January-March 2012 compared with January-March 2011, except for Turkey (-6%) and Switzerland (-1%), while exports to India remained stable. The most notable increases were recorded for exports to Russia and Brazil (both +20%). As regards EU27 imports, the pattern was mixed. The largest increases were recorded for imports from Norway (+14%), Russia and the USA (both +10%), and the largest falls with India and Japan (both -7%).

The EU27 trade surplus increased with the USA (+18.1 bn euro in January-March 2012 compared with +16.2 bn in January-March 2011), but fell with Switzerland (+11.5 bn compared with +12.7 bn) and Turkey (+5.6 bn compared with +6.2 bn). The EU27 trade deficit fell with China (-34.0 bn compared with -38.9 bn) and Japan (-3.3bn compared with -6.3 bn), increased with Norway (-15.7 bn compared with -12.4 bn), and remained nearly stable with Russia (-26.7 bn compared with -26.3 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+45.0 bn euro in January-March 2012), followed by the Netherlands (+11.8 bn) and Ireland (+10.3 bn). The United Kingdom (-37.1 bn) registered the largest deficit, followed by France (-21.6 bn) and Spain (-10.7 bn).

Press release of eurostat

Wiesbaden 15 June 2012

Manufacturing

Destatis: April 2012: number of employees in manufacturing increasing by 2.9%

At the end of April 2012, nearly 5.2 million people worked in local units of manufacturing with 50 or more persons employed in Germany. As reported by the Federal Statistical Office (Destatis) on the basis of provisional results, that was a rise by about 148,400 persons or 2.9% against April 2011. The number of hours worked in April 2012 increased 1.5% from a year earlier, reaching 645 million – at equal numbers of working days.

The earnings amounted to Euro 20.2 billion; that was 5.2% more than in April 2011.

Press release of Statistisches Bundesamt

Luxembourg 14 June 2012

Annual inflation

eurostat: Euro area annual inflation down to 2.4%

Euro area annual inflation was 2.4% in May 2012, down from 2.6% in April. A year earlier the rate was 2.7%. Monthly inflation was -0.1% in May 2012.

EU annual inflation was 2.6% in May 2012, down from 2.7% in April. A year earlier the rate was 3.2%. Monthly inflation was 0.0% in May 2012.

Inflation in the EU Member States
In May 2012, the lowest annual rates were observed in Greece and Sweden (both 0.9%) and Bulgaria (1.8%), and the highest in Hungary (5.4%), Estonia (4.1%), Cyprus and Malta (both 3.7%). Compared with April 2012, annual inflation fell in twenty Member States, remained stable in three and rose in three.

The lowest 12-month averages4 up to May 2012 were registered in Sweden (1.1%), Ireland (1.5%) and Greece (2.1%), and the highest in Estonia (4.7%), Hungary (4.5%) and Slovakia (4.1%).

Euro area
The main components with the highest annual rates in May 2012 were alcohol & tobacco (4.7%), housing (4.0%) and transport (3.7%), while the lowest annual rates were observed for communications (-3.3%), education (0.7%) and recreation & culture (1.3%). Concerning the detailed sub-indices, fuels for transport (+0.22 percentage points), gas (+0.12), electricity and tobacco (+0.09 each) had the largest upward impacts on the headline rate, while telecommunications (-0.19), audio-visual equipment, cars and rents (-0.06 each) had the biggest downward impacts.

The main components with the highest monthly rates were alcohol & tobacco (0.4%), household equipment and hotels & restaurants (both 0.2%), while the lowest monthly rates were observed for transport (-1.0%) and communications (-0.6%). In particular, fruit (+0.03 percentage points), restaurants & cafés and electricity (+0.02 each) had the largest upward impacts, while fuels for transport (-0.15), air transport, heating oil, vegetables and package holidays (-0.02 each) had the biggest downward impacts. [...]

Press release of eurostat

Wiesbaden 14 June 2012

Wholesale

Destatis: Wholesale prices in May 2012: +1.7% on May 2011

The index of selling prices in wholesale trade was up 1.7% in May 2012 on May 2011, as reported by the Federal Statistical Office (Destatis). Compared with April 2012, the index of wholesale prices fell by 0.7% in May 2012.

Press release of Statistisches Bundesamt

Luxembourg 13 June 2012

Industrial production

eurostat: Industrial production down by 0.8% in euro area

In April 2012 compared with March 2012, seasonally adjusted industrial production fell by 0.8% in the euro area (EA17) and by 0.4% in the EU27. In March production decreased by 0.1% and 0.2% respectively.
In April 2012 compared with April 2011, industrial production dropped by 2.3% in the euro area and by 1.7% in the EU27. [...]

Press release of eurostat

Wiesbaden 13 June 2012

Consumer prices

Destatis: Consumer prices in May 2012: +1.9% on May 2011

In May 2012, consumer prices in Germany were up 1.9% on May 2011. The inflation rate – as measured by the consumer price index – thus has been below the two-percent mark in May 2012 for the first time this year. A lower value had last been determined for December 2010 (+1.7%). Compared with April 2012, the consumer price index decreased by 0.2% in May 2012. The Federal Statistical Office (Destatis) thus confirms its preliminary result for May 2012 released on 29 May 2012.

In May 2012, the rate of inflation was markedly determined again by the development of energy prices (+4.9% on May 2011). Both household energy prices (+5.8%; including charges for central and remote heating: +10.0%; heating oil: +9.1%; gas: +6.5%) and motor fuel prices (+3.4%) were higher than a year earlier again in May 2012. The influence of energy on the overall inflation, however, has slightly decreased in May 2012. Not considering the energy price development, the inflation rate in May 2012 would have been +1.5%. [...]

Press release of Statistisches Bundesamt

Wiesbaden 12 June 2012

Insolvencies

Destatis: 0.6% less business insolvencies in the first quarter of 2012

In the first quarter of 2012, German insolvency courts reported 7,483 business insolvencies. As reported by the Federal Statistical Office (Destatis), that was 0.6% less than in the first quarter of 2011. The number of consumer insolvencies in the first quarter of 2012 was 25,426 cases, which was 2.8% less than in the first quarter of 2011. Together with the insolvencies of other private debtors and of estates, the courts registered a total of 39,339 insolvencies, that was 2.2% less than in the first quarter of 2011.

In March 2012 in all 14,054 insolvencies (–4.6%) were registered, 2,809 of which were enterprise insolvencies (+1.7%). Altogether the courts registered 9,018 consumer insolvencies, which were 5.8% less than in March 2011.

Press release of Statistisches Bundesamt

Wiesbaden 11 June 2012

Craft Sector

Destatis: 2.1% more turnover in the crafts sector in the first quarter of 2012

As reported by the Federal Statistical Office (Destatis), the turnover in crafts with compulsory approval was up 2.1% in the first quarter of 2012 compared to the first quarter of 2011. At the end of March 2012 the number of persons employed by crafts entrepreneurs was up 0.4% compared to the level a year earlier.

Press release of Statistisches Bundesamt

Wiesbaden 8 June 2012

Export

Destatis: German exports in April 2012: +3.4% on April 2011

Germany exported commodities to the value of Euro 87.1 billion and imported commodities to the value of Euro 72.7 billion in April 2012. Hence, as further reported by the Federal Statistical Office (Destatis) on the basis of provisional data, German exports increased by 3.4% and imports decreased by 1.0% in April 2012 on April 2011. Upon calendar and seasonal adjustment, exports decreased by 1.7% and imports by 4.8% compared with March 2012.

The foreign trade balance showed a surplus of Euro 14.4 billion in April 2012. In April 2011, the surplus amounted to Euro 10.8 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 16.1 billion in April 2012.

According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of Euro 11.2 billion in April 2012, which included the balance of services (+ Euro 0.7 billion), factor income net (+ Euro 0.9 billion), current transfers (– Euro 2.8 billion), and supplementary trade items (– Euro 1.9 billion). In April 2011, the German current account showed a surplus of Euro 7.5 billion.

In April 2012, Germany dispatched commodities to the value of Euro 50.5 billion to the Member States of the European Union (EU), while it received commodities to the value of Euro 46.3 billion from those countries. Compared with April 2011, dispatches to the EU countries and arrivals from those countries decreased by 1.1% each. Commodities to the value of Euro 33.1 billion (–3.6%) were dispatched to the Euro area countries in April 2012, while the value of the commodities received from those countries was Euro 32.8 billion (–0.6%). In April 2012, commodities to the value of Euro 17.3 billion (+4.1%) were dispatched to EU countries not belonging to the Euro area, while the value of the commodities which arrived from those countries was Euro 13.5 billion (–2.3%).

Exports of commodities to countries outside the European Union (third countries) amounted to Euro 36.7 billion in April 2012, while imports from those countries totalled Euro 26.5 billion. Compared with April 2011, exports to third countries increased by 10.3% and imports from those countries decreased by 0.7%.

Press release of Statistisches Bundesamt

Wiesbaden 8 June 2012

Manufacturing

Destatis: Turnover in manufacturing in April 2012: –1.3% seasonal adjusted on March 2012

As reported by the Federal Statistical Office (Destatis) on the basis of provisional data, the manufacturing sector saw turnover fall in real terms adjusted for seasonal fluctuations and working-day variations 1.3% in April 2012 compared with March 2012 (following a revised +0.4% in March 2012). Domestic turnover decreased by 1.6%, the business with foreign customers fell 1.9%. Sales to euro area countries were 1.5% above preceding month’s level, while sales to other countries went down 4.2%.

Compared with the preceding year, real turnover in manufacturing showed a total decrease of 0.7% in April 2012 after having been adjusted for working-day variations. Decreases were observed in domestic sales (–1.4%), while turnover from business with foreign customers reduced by 0.1%. Among foreign transactions, sales to euro area countries decreased by 2.9% and turnover for other foreign countries ascended 2.1%.

When cumulated from January to April 2012, the (working-day adjusted) turnover in manufacturing was 0.8% above the level of the same period of the previous year; domestic turnover rose 1.2% and foreign turnover by a total of 0.3%.

Press release of Statistisches Bundesamt

Paris 7 June 2012

Global Insolvencies Index

Euler Hermes: Business insolvencies starting to rise again in 2012

The Global Insolvencies Index of credit insurer Euler Hermes - 2011 analysis and forecast 2012

After a drop of 4% in 2011, Euler Hermes expects the Global Insolvencies Index to rise by 3% in 2012

The economic downturn has ended the two-year decline in business insolvencies across the world

The euro zone is pushing the Global Insolvencies Index upwards

Southern European countries remain vulnerable to a very high corporate insolvency rate

Definitive figures for the year 2011 confirm the continued decline in business insolvencies that began in 2010. At the global level, however, this downward trend is very moderate, with the Euler Hermes Global Insolvencies index recording a drop of 4% in 2011 after falling by 5% in 2010.

After these two successive years of declining business insolvencies, and on the basis of its macro-economic forecasts, Euler Hermes anticipates a reversion of this trend in 2012, with a 3% rise in the Global Insolvencies index that mainly reflects the very worrying situation in the euro zone.

“The decline in corporate insolvencies has lost momentum, hampered by the slowdown in the world economy in the second half of 2011. This reversal of trend is now confirmed, with very weak growth figures in the first quarter of 2012”, says Ludovic Subran, Chief Economist and Director of Research at Euler Hermes. “The global decline in business insolvencies seen in 2011 has been weakened by the much less supportive situation in Europe. In 2012, the increasing complexity of the debt crisis, austerity policies in euro-zone countries and the fresh deterioration in the outlook for Southern European countries will take a heavy toll on already weakened companies. Lower demand, tighter credit conditions and mounting social demands are additional risk factors for companies across the zone”. [...]

Press release of Euler Hermes

Luxembourg 6 June 2012

GDP Euro Area

eurostat: Euro area and EU27 GDP stable

GDP remained stable in both the euro area (EA17) and the EU27 during the first quarter of 2012, compared with the previous quarter, according to second estimates released by Eurostat, the statistical office of the European Union. In the fourth quarter of 2011, growth rates were -0.3% in both zones.

Compared with the first quarter of 2011, seasonally adjusted GDP decreased by 0.1% in the euro area and increased by 0.1% in the EU27, after +0.7% and +0.8% respectively in the previous quarter.

Variation in components of GDP
During the first quarter of 2012, household final consumption expenditure was stable in both the euro area and the EU27 (after -0.5% and -0.2% respectively in the previous quarter). Gross fixed capital formation fell by 1.4% in the euro area and by 0.9% in the EU27 (after -0.4% and -0.3%). Exports increased by 1.0% in the euro area and by 0.6% in the EU27 (after -0.7% and -0.3%). Imports rose by 0.1% in both zones (after -1.7% and -1.3%).

US and Japanese GDP
In the United States GDP increased by 0.5% during the first quarter of 2012, after +0.7% in the fourth quarter of 2011. In Japan GDP increased by 1.0% in the first quarter of 2012, after remaining stable in the previous quarter.

Compared with the first quarter of 2011, GDP gained 2.0% in the United States (after +1.6% in the previous quarter) and 2.6% in Japan (after -0.5%).

Press release of eurostat

Wiesbaden 6 June 2012

Foreign Trade

Destatis: Poland ranking tenth among Germany’s major export partners in 2011, Ukraine at number 37

Poland and Ukraine, the host countries of the European Football Championship 2012, are of different importance for Germany’s foreign trade: In 2011, Poland ranked tenth in the list of the most important export partners with Euro 43.5 billion, while Ukraine came 37th with Euro 5.3 billion. This is reported by the Federal Statistical Office (Destatis) on the occasion of the European Championship starting on 8 June 2012.

As regards imports, Poland ranked twelfth among Germany’s major trading partners with Euro 32.4 billion, while Ukraine came 50th with Euro 1.9 billion.

From 8 June 2012 onwards, you will find additional information on the host and participant countries on the Destatis homepage under the heading “EURO 2012: The participants in figures”. This will include data in the categories “population”, “football and sport”, “economy”, “labour market” and “communication”.

Press release of Statistisches Bundesamt

Wiesbaden 1 June 2012

Export

Destatis: Foreign trade in 1st quarter of 2012: exports to southern euro area countries declining

German exports in the first quarter of 2012 rose a total 5.8% on a year earlier, reaching Euro 276.0 billion. The increase in exports to the 26 European Union member states was comparatively small (+2.2% to Euro 161.2 billion). As also reported by the Federal Statistical Office (Destatis), the increase in exports to euro area countries was even smaller (+0.9% to Euro 107.4 billion). There were considerable differences between the partner countries. Increases were recorded for exports to Germany’s important neighbouring countries France (+6.7% to Euro 27.3 billion), the Netherlands (+9.6% to Euro 18.5 billion) and Austria (+5.5% to Euro 14.9 billion). At the same time, decreases were observed for exports to some southern euro area countries such as Italy (–7.6% to Euro 14.9 billion), Spain (–7.8% to Euro 8.4 billion), Portugal (–14.0% to Euro 1.7 billion) and Greece (–9.8% to Euro 1.2 billion).

Press release of Statistisches Bundesamt

Munich 31 May 2012

Credit Hurdle

ifo: Minimal Increase in Credit Constraints

The credit hurdle for German industry and trade has risen slightly, after having fallen four times in succession. Bank lending practices were assessed as restrictive by 19.6% of the survey respondents. This is 0.1 percentage points higher than in April. However, historically credit constraints are still very low. Even in a difficult environment, German businesses are still able to borrow money on favourable terms.

In manufacturing, credit constraints have evolved differently for company-size categories. For the large and medium-sized enterprises, the credit hurdle fell by 0.5 and by 0.9 percentage points, respectively. 16.7% of large companies and 15.6% of medium-sized companies now report a restrictive access to bank loans. In the category of small firms, however, the credit hurdle rose by 2.3 percentage points to 23.1%.

In construction, the credit constraint increased by another 2 percentage points to 28%. In trade, credit constraints weakened again slightly: 17.8% of the firms in distribution reported a restrictive access to credit.

Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 31 May 2012

Railway transport

Destatis: 2.7% less freight for railway-traffic in the first quarter of 2012

A total of 89.7 million tonnes of goods were transported on German railway lines in the first quarter of 2012. As reported by the Federal Statistical Office (Destatis), that was a decrease of 2.7% from the first quarter of 2011.

In terms of the main transport links only the segment of goods carried abroad generated a growth (+1.8%). National traffic decreased by 2.3%, receipts from abroad by 5.0% and transit-traffic by 12.2%.

The quarterly result was mainly determined by the March figures which dropped by 6.4% from the corresponding month of the preceding year.

Against the general trend container traffic saw an increase: 1.5 million TEU were transported, which – compared with the first quarter of 2011 – reflects a plus of 5.4%.

Press release of Statistisches Bundesamt

Wiesbaden 29 May 2012

Import

Destatis: Import prices in April 2012: +2.3% on April 2011

The index of import prices rose by 2.3% in April 2012 compared to the corresponding month of the preceding year, as reported by the Federal Statistical Office (Destatis). In March 2012 the annual rate of change was +3.1%, in February 2012 it was +3.5%. From March 2012 to April 2012 the index fell by 0.5%.

The index of import prices, excluding crude oil and mineral oil products, was 1.4% above the level of a year earlier (no change compared to March 2012).

The index of export prices increased by 1.8% in April 2012 compared to the corresponding month of the preceding year. In March 2012 the annual rate of change was +1.9%, in February 2012 it was + 2.0%, respectively. From March 2012 to April 2012 the index rose by 0.2%.

Press release of Statistisches Bundesamt

Wiesbaden 25 May 2012

Building Industry

Destatis: Main construction industry in March 2012: Value of orders received up 6.0% from the previous year

As reported by the Federal Statistical Office (Destatis), the total price-adjusted value of orders received by enterprises in main construction industry and civil and underground engineering in Germany increased 6.0% in March 2012 from the same month of the previous year. In main construction industry, it increased 13.7%, in civil and underground engineering demand decreased 1.9%.

Press release of Statistisches Bundesamt

Munich 24 May 2012

Business Climate Index

ifo: Business Climate Index falls sharply

The Ifo Business Climate Index for industry and trade in Germany fell significantly in May. Assessments of the current business situation deteriorated clearly. The business outlook nevertheless remains above the long-term average. Companies also expressed greater pessimism about their business outlook. The recent surge in uncertainty in the Eurozone is impacting the German economy.

The business climate index in manufacturing dropped sharply. This is primarily due to much poorer assessments of the current business situation. As far as the six-month business outlook is concerned, positive and negative expectations roughly balance each other out. The majority of manufacturers reported defensive recruitment plans for the first time in months. However, they expect further stimulus from exports.

The business climate clouded over significantly at both levels of trade. Assessments of the current business situation slumped in retailing and the majority of expectations are pessimistic. In wholesaling the downturn was relatively small. The wholesalers surveyed saw deterioration in their current business situation and are less optimistic about their six-month business outlook.

The business climate indicator also dropped in construction. While the current business situation showed a slight improvement, the constructors surveyed were less optimistic about future business developments.

Hans-Werner Sinn
President of the Ifo Institute for Economic Research at the University of Munich

Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 24 May 2012

GDP

Destatis: Detailed results on the gross domestic product in the 1st quarter of 2012

The German economy has returned to its growth curve: As reported by the Federal Statistical Office (Destatis) already in its first release of 15 May 2012, provisional results show that the gross domestic product (GDP) rose 0.5% – upon price, seasonal and calendar adjustment – in the first quarter of 2012 compared with the previous quarter. In the last quarter of 2011, German GDP growth had suffered the first sligth dip (–0.2%) for the first time since the 2009 economic crisis.

Press release of Statistisches Bundesamt

Wiesbaden 23 May 2012

German Exports & Imports

Destatis: Export surplus of Euro 158.1 billion in 2011

Germany’s export surplus amounted to Euro 158.1 billion in 2011. As further reported by the Federal Statistical Office (Destatis), this means that, for sixty years in a row, Germany has exported far more goods every year than it imported. The export surplus reached an all-time high in 2007 (Euro 195.3 billion).

Press release of Statistisches Bundesamt

Munich 16 May 2012

World Economic Climate

Ifo: World Economic Climate continues to brighten

The Ifo World Economic Climate Indicator continued to rise and is now only slightly below its long-term average. The improvement was primarily driven by more positive expectations for the next six months. The current situation was also deemed somewhat friendlier than in last month’s survey. The results confirm a trend towards recovery in the world economy.

In Western Europe and North America the economic climate indicator rose significantly and remains higher than the long-term average value in North America. In both regions expectations for the next six-months were upwardly adjusted significantly. The current economic situation, on the other hand, showed only a slight improvement. After four successive declines, the indicator in Asia is approaching its long-term average. The current economic situation also improved, but is nevertheless seen as unfavourable. The six-month economic outlook for Asia, on the other hand, is clearly more positive than three months ago.

WES experts in Western Europe expect an increase in economic performance of 0.4% in 2012. In North America and Asia they predict stronger growth of 2.4% and 4.0% respectively.

Inflation estimates for 2012 increased only slightly to 3.6% (previous quarter: 3.5%). WES experts on average expect a slight increase in long-term interest rates over the next six months.

According to WES experts the euro is slightly over-valued and the yen is somewhat more so. On worldwide average economic experts expect the dollar exchange rate to rise over the next six months.

Hans-Werner Sinn
President of the Ifo Institute for Economic Research at the University of Munich

Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 30 April 2012

Wholesale turnover

Destatis: Wholesale turnover in the 1st quarter 2012: +1.7% in real terms on the 1st quarter 2011

According to provisional results of the Federal Statistical Office (Destatis) the turnover achieved by wholesale trade in Germany in the first quarter 2012 increased 3.3% in nominal terms and 1.7% in real terms compared with the first quarter 2011.

In March 2012 turnover in wholesale trade was in nominal terms 0.7% and in real terms 1.9% smaller than that in March 2011.

Press release of Statistisches Bundesamt

Paris 27 April 2012

Insolvency Outlook Q1-2012

Euler Hermes: Global Macroeconomic and Insolvency Outlook Q1-2012

The world economy is unlikely to recapture a buoyant growth pace in 2012. Euler Hermes predicts world GDP growth to decelerate again from 2.9% in 2011 to 2.6% in 2012, before gaining slightly more momentum in 2013 at 3.1%. The outlook remains uneven in 2012.

The global insolvency index is unfortunately on a rebound. The index is expected to rise by 3% in 2012, after a decline of 4% in 2011. This is mainly caused by (Southern) Europe.

The outlook remains fragile; the balance of risks remains heavily weighted towards the downside.

Germany:
After an upturn which has lasted for nearly two years, Germany is currently in a phase of weak growth. Nevertheless, the economy should remain resilient, driven by strong domestic demand and still quite favourable fundamentals. The analysis for 2012 points to a marked slowdown with GDP growth of 0.9% after a plus of 3.1% in the previous year, followed by a stronger increase to 1.7% in 2013.

Euler Hermes expects the downtrend in German corporate insolvencies to continue, albeit much reduced. After the steep decline in insolvency numbers by 5.9% to 30,099 in 2011 a continued decrease of 2% to 29,600 in 2012 is expected, which comes very close to the pre-crisis level of just over 29,000 failures. The losses of receivables registered to rank in insolvency procedures are estimated to rise moderately by 5% to reach an amount of some 21 billion Euro in 2012.

Outlook of Euler Hermes

Munich 26 April 2012

Credit Constraints

ifo: Credit Constraints continue to drop

The Credit Constraint Indicator for German trade and industry fell again this month, reaching a new historical low. Only 19.5% of the companies surveyed reported a restrictive credit policy on the part of banks. This result is once again 0.8 percentage points lower than last month’s figure. Favourable refinancing opportunities continue to represent a pillar of positive economic development in Germany.

In manufacturing credit constraints continued to fall for companies of all sizes. For large companies they fell by 1.7 percentage points to 17.2%. Only 16.5% of medium-sized manufacturers reported restrictive access to bank loans. In the small-firm category credit constraints fell to 20.8%.

In construction credit constraints decreased by 1.6 percentage points to 26%. In trade credit constraints dropped minimally, with 18.6% of traders reporting restrictive access to bank loans.

Hans-Werner Sinn
President of the Ifo Institute for Economic Research at the University of Munich

Press release of ifo Institut für Wirtschaftsforschung e.V.

Munich 20 April 2012

Business Climate Index

ifo: Business Climate Index continues to rise slightly

The Ifo Business Climate Index for industry and trade in Germany rose once more in April. Companies’ assessment of their current business situation improved somewhat on a high level, while their six-month business outlook remained unchanged from last month. The German economy is proving resilient.

The business climate in manufacturing improved again on the previous month. The manufacturers surveyed see both their current business situation and their business outlook as significantly more positive. Manufacturers are increasing their capacity utilization. Their recruitment plans are slightly more conservative than last month.

The business climate developed differently at both levels of trade. While the business climate indicator increased minimally in retailing, it fell slightly in wholesaling. Climate components also developed in opposite directions. Retailers report some deterioration in their business situation and an improvement in their business outlook. A greater number of wholesalers, on the other hand, are satisfied with their current business situation, while their expectations clouded over slightly.

In construction the business climate was bleaker. The constructors surveyed report a slight deterioration in their current business situation. They are also no longer as optimistic about their future business development as last month.

Hans-Werner Sinn
President of the Ifo Institute for Economic Research at the University of Munich

Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 18 April 2012

Foreign trade with Switzerland

Destatis: Foreign trade with Switzerland in 2011 at record levels for exports and imports

German foreign trade with Switzerland developed very positively in 2011, reaching record levels for both exports and imports. As reported by the Federal Statistical Office (Destatis), German exports to Switzerland climbed by 14.5% to Euro 47.7 billion in 2011, while imports increased by 13.4% to Euro 36.9 billion. Consequently, exports to Switzerland were more dynamic than German exports as a whole (+11.4%). The rise in imports from Switzerland was similar in extent to the increase in total German imports (+13.2%).

Press release of Statistisches Bundesamt

Munich 30 March 2012

Credit Constraint Indicator

ifo: Credit Constraints drop to new low

Credit constraints for German trade and industry fell below last month’s historical low in March. 20.3% of the companies surveyed reported a restrictive credit policy on the part of banks. That figure is 0.8 percentage points lower than in February. The favourable refinancing opportunities enjoyed by banks continue to give companies very good access to loans.

In manufacturing credit constraints fell for companies of all sizes. Credit constraints decreased by a percentage point for both small and medium-sized companies to 21.5% and 17.1% respectively. As far as large companies are concerned, 18.9% reported restrictive access to bank loans.

In the construction sector credit constraints fell by 1.4 percentage points to 27.6%. Credit constraints also dropped by 0.7% in the distributive sector to their current level of 18.8%.

Hans-Werner Sinn
President of the Ifo Institute for Economic Research at the University of Munich

Press release of ifo Institut für Wirtschaftsforschung e.V.

Paris 29 March 2012

Pharmaceutical Industry

Euler Hermes: The global pharmaceutical industry is in better health than its companies

Sector analysis by credit insurer Euler Hermes

In contrast with the global pharmaceutical market, which should grow at a compound annual rate of approximately 4% until 2015, the big pharma groups are seeing an erosion of their once very high profitability.

The margins of big European pharma groups are expected to be 5 points higher than those of their US counterparts in 2012.

Pharmaceutical groups are seeking to adapt to the new market environment, marked by soaring demand for generics and growing opportunities in emerging regions. Generic manufacturers are also benefiting from the mass expiry of patents on blockbuster drugs.

The global pharmaceutical market continues to boast reassuring fundamentals. Estimated to be worth $880 billion in 2011, this market has consistently generated positive annual growth in recent years. [...]

Press release of Euler Hermes

Wiesbaden 27 March 2012

Foreign Trade

Destatis: Import prices in February 2012: +3.5% on February 2011

The index of import prices rose by 3.5% in February 2012 compared to the corresponding month of the preceding year, as reported by the Federal Statistical Office (Destatis). In January 2012 the annual rate of change was +3.7%, in December 2011 it was +3.9%. From January 2012 to February 2012 the index rose by 1.0%.

The index of import prices, excluding crude oil and mineral oil products, was 1.4% above the level of a year earlier (+0.4% on January 2012).

The index of export prices increased by 2.0% in February 2012 compared to the corresponding month of the preceding year. In January 2012 and in December 2011 the annual rate of change was +2.1%, each. From January 2012 to February 2012 the index rose by 0.3%.

Press release of Statistisches Bundesamt

Munich 26 March 2012

Business Climate Index

Ifo Business Climate Index rises slightly

The Ifo Business Climate Index for trade and industry in Germany rose only slightly in March. The improvement in expectations was smaller and the business situation did not show any further improvement. The German economy is losing some of its momentum.

After two successive increases, the business climate deteriorated slightly in manufacturing. Manufacturers view the current business situation somewhat less positively than in the previous month, but assess their business outlook more favourably. They expect positive impulses from export business. Companies still plan to increase their staff numbers, but less strongly than in the previous month.

The business climate indicator rose sharply in retailing. Retailers report a clearly improved business situation and are more optimistic about their six-month outlook. In wholesaling, on the other hand, the business climate clouded over. While expectations deteriorated only minimally, the wholesalers surveyed are clearly less satisfied with their current business situation.

The business climate indicator fell slightly in construction. Constructors report a somewhat more favourable business situation than in the previous month. However, they are less optimistic about their six-month business outlook.

Hans-Werner Sinn
President of the Ifo Institute for Economic Research at the University of Munich

Press release of ifo Institut für Wirtschaftsforschung e.V.

Paris 23 March 2012

Sector Analysis

Euler Hermes: The sectors that can be counted upon in 2012

Analysis by credit insurer Euler Hermes of 16 sectors in 32 countries spanning six regions across the world.

• At the global level, food, pharmaceuticals, automobile manufacturers and chemicals are holding firm despite the economic slowdown.


• In Europe, some sectors are suffering from the slowdown in consumer spending and trade flows, especial retail and air transport.


• Growth is returning to the US, where the automobile sector is recovering at an impressive pace.

After a difficult end to 2011, the start of 2012 looks just as uncertain. In the face of a sharp deceleration in world growth, the outlook remains depressed in most sectors, despite growing disparities between different regions of the world. European companies, especially in the south, will be affected by austerity programmes designed to lower government debt, whereas the economic recovery in the US, already well underway, will provide a supportive backdrop for their expansion. Emerging countries, although hit by the global economic slowdown, will continue to benefit from strong internal demand, particularly in Asia-Pacific and South America.

Some sectors showing resilience, while others suffer
Ludovic Subran, Euler Hermes’ chief economist, observes, “The current situation in Europe is highly specific: this moderate crisis is seriously compromising the activity of the least resilient sectors and providing a few bright opportunities for the least exposed sectors. This is a true catalyst, or rather amplifier, of structural trends”. Turmoil in Europe does not seem to be affecting the momentum of the automotive components or chemicals sectors, whose companies are in strong financial health. The same is true for the aerospace industry, whose order books have never been as full. At a more local level, particularly strong sectors can also be found in some euro-zone countries: in Germany, automobile and semi-conductor manufacturers, and, in France, the agri-food industry, which is performing particularly well.

In the US, Euler Hermes underlines the excellent performance of information technologies, which are benefiting from a high level of research and development in the high-tech industry. Chemicals, automobiles, agri-food and the aerospace industry are also particularly solid sectors that can be expected to grow in 2012. In contrast, construction is set to remain particularly problematic.

Among sectors most affected by the turbulent economic climate, retail will be badly hit by the downturn in household consumption. Likewise, the air transport industry, already hurt by the spike in its biggest cost item, oil, is facing growing competition from low-cost and Gulf-based carriers. It will also suffer from the slowdown in global cargo traffic and weaker demand.

New centres of gravity for certain sectors
Ludovic Subran adds, “Trade routes are developing more outside our continent. Europe needs to seek out sectoral growth opportunities in these regions in 2012”. In effect, while air transport is slowing in the US and in Europe, it is expanding strongly in South America. In Brazil in particular, the aerospace and agri-food industries are also growing rapidly.

In Asia-Pacific, Euler Hermes noted the excellent resilience of IT and telecoms, food, pharmaceuticals and automotives. Along with robust growth in electronics in South Korea, infrastructure building and retail businesses are expanding strongly in China and India.

A few unexpected developments worth noting
In addition to these key trends, Euler Hermes has observed a few trends worth watching in 2012. Aside from the US automotive industry’s faster-than-expected return to profitability, the European pharmaceutical industry is a textbook case, despite its resilience in 2011, with excellent financial results. According to Marc Livinec, sector analyst at Euler Hermes, “Although the leading pharmaceutical groups are still managing to generate remarkable margins of around 22%, the sector’s cards are starting to be reshuffled with the mass expiry of patents and blockbuster drugs and the growing strength of new players in the form of generic manufacturers”.

Conversely, construction is not faring as well as expected six months ago. “Even though the sector is set to grow at an annualised rate of 4% in France between 2000 and 2015, the short-term outlook reflects a delay in the recovery. And government policy measures, such as the densification of construction announced for the middle of the year, will not be very effective,” explains Didier Moizo, sector analyst at Euler Hermes.

Sector overview (PDF)

Wiesbaden 21 March 2012

Water Consumption

Destatis: Enterprises used some 27 billion cubic metres of water in 2010

According to provisional data, enterprises in Germany used some 27 billion cubic metres of water in 2010. As reported by the Federal Statistical Office (Destatis) with a view to World Water Day on 22 March, water use in enterprises thus rose slightly by about 2% compared with 2007.

Press release of Statistisches Bundesamt

Wiesbaden 20 March 2012

Maritime Transport

Destatis: Maritime transport increasing over 7% in 2011

In 2011, freight transhipment in maritime transport rose 7.3% on the previous year. According to provisional data of the Federal Statistical Office (Destatis), 296 million tonnes of freight were transhipped in German sea ports. In 2010, the figure had been 276 million tonnes. Thus maritime transport in 2011 was still almost 8% below the all-time high of 2008. At the time – before the worldwide economic and financial crisis – just under 321 million tonnes had been transhipped.

Press release of Statistisches Bundesamt

Wiesbaden 16 March 2012

Hotel and restaurant industry

Destatis: Turnover in accommodation and food service activities in January 2012 in real terms: +0.8% to January 2011

According to results of the Federal Statistical Office (Destatis), turnover in the German accommodation and food service activities increased in January 2012 by 2.7% in nominal terms and by 0.8% in real terms compared with the corresponding month in the previous year.

Compared with the turnover achieved in December 2011, the turnover in January 2012 was in nominal terms 0.2% and in real terms 0.1% smaller after adjustment for calendar and seasonal effects.

Press release of Statistisches Bundesamt

Wiesbaden 15 March 2012

Manufacturing

Destatis: January 2012: Number of employees in manufacturing increasing by 3.5%

At the end of January 2012, nearly 5.2 million people worked in local units of manufacturing with 50 or more persons employed in Germany. As reported by the Federal Statistical Office (Destatis) on the basis of provisional results, that was about 172,900 persons or 3.5% up than in January 2011. The number of hours worked in January 2012 increased 6.9% from a year earlier, reaching 685 million.

The earnings amounted to Euro 18.5 billion; that was 4.9% more than in January 2011.

Press release of Statistisches Bundesamt

Wiesbaden 12 March 2012

Rail Freight

Destatis: Rail freight transport increasing 5.4% in 2011

As reported by the Federal Statistical Office (Destatis), in 2011 all German railway companies together transported a total of 375.0 million tonnes of goods, which was a plus of 19.3 million tonnes from 2010 (+5.4%). The last year with a higher volume of goods transported was 1992 (379.9 million tonnes). For the average transport distance in 2011 a value of 302 kilometres was registered.

Whereas from January to September 2011 quarterly growth rates between 10.6% and 5.2% were recorded, the volume in the final quarter of 2011 saw a growth of only 0.6%.
The increase was mainly caused by national transport which generated a growth of 15.1 million tonnes from 2010, thus reaching a share of 68.6% of the whole market.

Combined transport (76.7 million tonnes) mainly consisting of containers and swap bodies grew above average by 7.0%. For combined transport the average transport distance per tonne amounted to 519 kilometres.

Press release of Statistisches Bundesamt

Wiesbaden 12 March 2012

Wholesale

Destatis: Wholesale prices in February 2012: +2.6% on February 2011

The index of selling prices in wholesale trade was up 2.6% in February 2012 on February 2011, as reported by the Federal Statistical Office (Destatis). Compared with January 2012, the index of wholesale prices rose by 1.0% in February 2012.

Press release of Statistisches Bundesamt

Wiesbaden 9 March 2012

Foreign Trade

Destatis: German exports in January 2012: +9.3% on January 2011

Germany exported commodities to the value of Euro 85.9 billion and imported commodities to the value of Euro 72.8 billion in January 2012. Hence, as further reported by the Federal Statistical Office (Destatis) on the basis of provisional data, German exports increased by 9.3% and imports by 6.3% in January 2012 on January 2011. Upon calendar and seasonal adjustment, exports increased by 2.3% and imports by 2.4% compared with December 2011.

The foreign trade balance showed a surplus of Euro 13.1 billion in January 2012. In January 2011, the surplus amounted to Euro 10.1 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 14.2 billion in January 2012.
According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of Euro 8.0 billion in January 2012, which included the balance of services (– Euro 2.4 billion), factor income net (+ Euro 3.9 billion), current transfers (– Euro 4.3 billion), and supplementary trade items (– Euro 2.4 billion). In January 2011, the German current account showed a surplus of Euro 8.6 billion.

In January 2012, Germany dispatched commodities to the value of Euro 50.9 billion to the Member States of the European Union (EU), while it received commodities to the value of Euro 44.9 billion from those countries. Compared with January 2011, dispatches to the EU countries increased by 5.4% and arrivals from those countries by 7.4%. Commodities to the value of Euro 34.2 billion (+4.6%) were dispatched to the Euro area countries in January 2012, while the value of the commodities received from those countries was Euro 31.4 billion (+7.1%). In January 2012, commodities to the value of Euro 16.7 billion (+7.1%) were dispatched to EU countries not belonging to the Euro area, while the value of the commodities which arrived from those countries was Euro 13.5 billion (+8.2%).

Exports of commodities to countries outside the European Union (third countries) amounted to Euro 35.0 billion in January 2012, while imports from those countries totalled Euro 28.0 billion. Compared with January 2011, exports to third countries increased by 15.4% and imports from those countries by 4.5%.

Press release of Statistisches Bundesamt

Wiesbaden 8 March 2012

Insolvencies

Destatis: 5.9% less business insolvencies in 2011

In 2011, German insolvency courts reported 30,099 business insolvencies. As reported by the Federal Statistical Office (Destatis), that was 5.9% less than in 2010. The number of consumer insolvencies in 2011 was 103,289 cases, which was 5.1% less than in 2010. Together with the insolvencies of other private debtors and of estates, the courts registered a total of 159,418 insolvencies, that was 5.4% less than in 2010.

In December 2011 in all 12,797 insolvencies (–4.9%) were registered, 2,493 of which were enterprise insolvencies (–1.6%). Altogether the courts registered 8,209 consumer insolvencies, which were 5.9% less than in December 2010.

Press release of Statistisches Bundesamt

Wiesbaden 7 March 2012

Air freight rates

Destatis: Prices of air freight transports up 22.9% in 2011

The prices of air freight transports departing from German airports were up 22.9% on an annual average in 2011 compared with a year earlier. One of the reasons was the strong increase in fuel charges.
As also reported by the Federal Statistical Office (Destatis), transport prices in the fourth quarter of 2011 were up 17.7% on the fourth quarter of 2010. However, the prices were almost unchanged on the third quarter of 2011 (+0.5%).

Press release of Statistisches Bundesamt

Wiesbaden 7 March 2012

Service Sector

Destatis: Turnover in the service sector up 3.8% in the 4th quarter of 2011

In the fourth quarter of 2011, the turnover in selected service branches increased by a total 3.8% in nominal terms compared with the fourth quarter of 2010. As further reported by the Federal Statistical Office (Destatis) on the basis of first calculations, turnover rose by 4.2% in transportation and storage. In information and communication it was up 2.9% and in professional, scientific and technical activities 3.9%. The increase was largest for administrative and support service activities (+4.7%). Within that section, employment activities recorded a 6.9% increase.

Press release of Statistisches Bundesamt

Wiesbaden 6 March 2012

Air Traffic

Destatis: Increase of 4.2 million air passengers travelling abroad in 2011

As reported by the Federal Statistical Office (Destatis) on the occasion of the International Tourism Exchange 2010 (ITB) starting on 7 March 2012 in Berlin, the number of air passengers departing to foreign destinations from German airports in 2011 (75.2 million passengers) increased by 5.9% from 2010 representing an increase of 4.2 million travellers.

Growth in 2011 was particularly strong for the number of passengers with European destinations. The largest absolute increases were recorded for Turkey (+583,000), Spain (+510,000) and Italy (+330,000).

In 2011, about 1.0 million passengers travelled to Egypt, which is this year’s partner country of the ITB. That was 29.1% less than a year earlier. However, the decreases slowed down in the course of 2011. Following a dramatic drop by 42.1% in the first quarter of 2011, caused by the political unrest in January and February, the rates of change on the relevant quarter of the previous year were –22.1% in the second, –17.3% in the third, and –13.1% in the fourth quarter of 2011.

The Mediterranean islands (6.5 million travellers) being the most important destinations for air tourism from Germany saw a growth of 4.3%, thus exceeding for the first time the former peak level of 2007 by 20,000 passengers.

Apart from the Mediterranean, the Canary Islands (2.7 million) are the most important destination for air tourism from Germany; an all-time record growth of 16.3% generated an increase of 376,000 travellers compared to 2010. On other continents a more moderate increase (+2.8%) was shown by the Caribbean Islands – one of the most demanded target regions for air tourism from Germany in other continents – with 0.4 million travellers, a value still 45.4% below the peak level of 2000.

Press release of Statistisches Bundesamt

Munich 29 February 2012

Credit Constraint Indicator

ifo: Credit Constraints plunge to low point

Credit constraints for German trade and industry fell again in February. 21.1% of the companies surveyed reported a restrictive credit policy on the part of banks. That is another 1.7 percentage points lower than in January. This brings credit constraints down to the lowest point since the survey began in 2003. Companies in Germany currently enjoy exceptionally good access to bank loans. In the wake of the financial crisis, Germans with savings capital to invest have changed tactics: they are no longer looking abroad, but are now seeking domestic investment opportunities again. This is currently the key driver of German economic growth.

In manufacturing credit constraints fell by 1.4 percentage points to 19.7% for large companies and by 2.1 percentage points to 22.5% for small companies. For medium-sized companies the share of "restrictive" responses remained unchanged at 18.1%.

In construction complaints about restrictive loan granting on the part of banks fell by 3.1 percentage points to 29.0%. In the distributive sectors credit constraints fell by 1.8 percentage points to 19.5%.

Hans-Werner Sinn
President of the Ifo Institute for Economic Research at the University of Munich

Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 29 February 2012

Foreign Trade

Destatis: Import prices in January 2012: +3.7% on January 2011

The index of import prices rose by 3.7% in January 2012 compared to the corresponding month of the preceding year, as reported by the Federal Statistical Office (Destatis). In December 2011 the annual rate of change was +3.9%, in November 2011 it was +6.0%, respectively. From December 2011 to January 2012 the index rose by 1.3%.

The index of import prices, excluding crude oil and mineral oil products, was 1.6% above the level of a year earlier (+0.7% on December 2011).
The index of export prices increased by 2.1% in January 2012 compared with the corresponding month of the preceding year. In December 2011 the annual rate of change was +2.1% and in November 2011 +2.9%, respectively. From December 2011 to January 2012 the index rose by 0.8%.

Press release of Statistisches Bundesamt

Wiesbaden 28 February 2012

Air-Freight

Destatis: Air-Freight 2011: Loaded goods +8.0%, unloaded goods +1.8%

Compared to 2010 the German air-freight market was characterized by slowing down growth rates: As reported by the Federal Statistical Office (Destatis) of Germany, loaded goods went up by 8.0% and unloaded goods by 1.8% whereas 2010 each of both transport links grew about by a fifth. Transshipments amounted to 4.4 million tons (+5.0%) with a volume of 2.3 million tons of loaded and 2.1 million tons of unloaded freight.

Compared to 2010 the year 2011 saw significantly differing change-rates: On a quarterly basis transhipments went up by 12.9% in the first quarter, by 9.9% in the second and by 1.2% in the third one, whereas the last quarter did not reach the level of the preceding year (–2.4%).

Press release of Statistisches Bundesamt

Wiesbaden 27 February 2012

Crude Oil Import

Destatis: Euro 583 per tonne of imported crude oil: average level of 2011 at all-time high

In 2011, German importers had to pay an average of Euro 583 per tonne of crude oil imported to Germany. As reported by the Federal Statistical Office (Destatis), the previous all-time high reached in 2008 (Euro 506 per tonne) was markedly exceeded. In the course of 2011, the average values for crude oil imports were highest in May (Euro 626 per tonne) and lowest in January (Euro 505 per tonne). In 2010, the price of one tonne of imported crude oil had been an average Euro 435.

Press release of Statistisches Bundesamt

Wiesbaden 24 February 2012

GDP Germany

Destatis: Detailed results on the gross domestic product in the 4th quarter of 2011

The German economy suffered a little setback towards the end of 2011. As already reported by the Federal Statistical Office (Destatis) in its first release of 15 February 2012, provisional results show that the gross domestic product (GDP) decreased by 0.2% – upon price, seasonal and calendar adjustment – in the fourth quarter of 2011 compared with the previous quarter. The result for the entire year of 2011 remained unchanged at +3.0% (calendar-adjusted: +3.1%).

In a quarter-on-quarter comparison (upon price, seasonal and calendar adjustment), positive contributions were made only by capital formation. Especially gross fixed capital formation in construction was markedly higher in the last quarter of 2011 (+1.9%) than in the third quarter of 2011. Gross fixed capital formation in machinery and equipment stagnated at previous quarter’s level. In contrast, household final consumption expenditure was slightly down in a quarter-on-quarter comparison (–0.2%). Government raised its final consumption expenditure by a marginal 0.1%. Total domestic uses had a slightly positive effect on GDP (+0.1 percentage points).

In contrast, foreign trade had a negative impact on German economic growth in the last quarter of 2011. Exports of goods and services were down 0.8% on the third quarter of 2011 (price, seasonally and calendar-adjusted). As the decrease in imports was slightly smaller (–0.3%), the balance of exports and imports had a slightly negative effect on GDP in the reference period (–0.3 percentage points).

The following information refers to the year-on-year comparison:
In a year-on-year comparison, the GDP increased also in the fourth quarter of 2011. The price-adjusted GDP was by 1.5% higher than in the fourth quarter of 2010. In calendar-adjusted terms, the increase was even somewhat larger (+2.0%) because the fourth quarter of 2011 had one working day less than the fourth quarter of 2010. This means that, although GDP growth slightly slowed down towards the end of 2011, the gross domestic product was clearly above previous year’s level in all quarters of the second year following the economic crisis. [...]

Press release of Statistisches Bundesamt

Munich 23 February 2012

Business Climate Index

Ifo Business Climate Indicator continues to rise

The Ifo Business Climate for trade and industry in Germany improved in February. More companies reported a favourable business situation than in January. They expressed greater optimism about their business expectations for the fourth time in succession. The German economy is currently supported by domestic demand.

The business climate continued to brighten slightly in manufacturing. Manufacturers see their business outlook as more favourable for the third month in succession. However, they view the current business situation as somewhat less favourable than in January. The positive impulses expected from export business remained unchanged. Manufacturers are also still planning to increase their staff numbers.

The business climate brightened clearly in retailing and wholesaling. The business situation improved at both levels of trade. Firms in both segments also expressed slightly more confidence about business expectations than in January.

The business climate indicator rose significantly in construction. Constructors report a more favourable business situation than in the previous month and are more optimistic about their six-month business outlook.

Hans-Werner Sinn
President of the Ifo Institute for Economic Research at the University of Munich

Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 22 February 2012

Building Industry

Destatis: Building industry in 2011: Value of orders received up 4.4% from the previous year

As reported by the Federal Statistical Office (Destatis), the total price-adjusted value of orders received by building construction and civil and underground engineering enterprises in Germany increased 4.4% in 2011. In building construction demand increased 9.3%, in civil and underground engineering it decreased 0.6%.

The average number of employees amounted to 734,000 in the year 2011. That was an increase of 18,000 (+2.6%) compared with 2010.

Press release of Statistisches Bundesamt

Wiesbaden 17 February 2012

Air transport

Destatis: 2011: Increase of 9.3 million passengers at German airports

As reported by the Federal Statistical Office of Germany (Destatis) the number of departing and arriving passengers at German airports amounted to 175.2 million travellers in 2011; with a growth of 5.6% this result reflects an increase of 5.6% from 2010.

Whereas traffic within Germany was characterized by a moderate growth-rate (+1.4%) frontier crossing services (150.9 million passengers) saw an increase of 6.3%. Traffic with European countries which covers more than three quarters of international in- and outbound traffic grew by 8.4.

Intercontinental traffic (33.7 million) went slightly down (–0.4%) mainly caused by traffic with Africa (–16.6%) where double-digit plunges were reported for Tunisia (–35.3%) and Egypt (–28.1%). On the other hand passenger flows with America and Asia grew by 4.4 respectively 2.5%.

Press release of Statistisches Bundesamt

Wiesbaden 17 February 2012

Producer prices

Destatis: Producer prices January 2012: +3.4% on January 2011

In January 2012 the index of producer prices for industrial products rose by 3.4% from the corresponding month of the preceding year. In December 2011 the annual rate of change had been +4.0%.

Compared with the preceding month, the index rose by 0.6% in January 2012 (–0.4% in December 2011).

Press release of Statistisches Bundesamt

Munich 16 February 2012

World Economic Climate

ifo: World Economic Climate brightens slightly

The Ifo World Economic Climate Indicator showed a slight upturn in the first quarter of 2012 after two successive decreases, but remains significantly below its long-term average. The improvement was entirely driven by a slightly more optimistic six-month outlook. Appraisals of the current situation, on the other hand, were poorer than in last quarter’s survey. The survey results confirm that the situation of the world economy remains difficult.

The economic climate in Western Europe changed very little. While the current economic situation deteriorated further compared to the last quarter of 2011, the six-month outlook brightened slightly, but nevertheless continued to signal scepticism. The economic climate in Asia points to an economic slowdown. Significantly poorer appraisals of the current situation pushed the climate indicator further below its long-term average. Positive signs, however, came from North America, and especially from the USA, where a clear improvement was seen, especially in the current economic situation. The economic six-month outlook is also noticeably more positive than it was three months ago.

Inflation estimates for 2012 decreased clearly, dropping to a global average of 3.5%, after last year’s figure of 4.0%. WES experts expect short-term interest rates to remain unchanged and/or to decrease slightly over the next six-months.

According to WES experts, the yen in particular is over-valued. They expect the global average dollar exchange rate to rise slightly over the next six months.

Hans-Werner Sinn, President of the Ifo Institute

Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 15 February 2012

GDP Germany

Destatis: Gross domestic product slightly down in the 4th quarter of 2011

The German economy suffered a slight dip at the end of 2011: compared with the previous quarter, the gross domestic product (GDP) decreased by 0.2% in the fourth quarter of 2011 after adjustment for price, seasonal and calendar variations. As further reported by the Federal Statistical Office (Destatis), the German economy grew by 3.0% (in calendar-adjusted terms: 3.1%) over the entire year of 2011. This is in line with the first calculation of January this year.

When compared with a year earlier, the gross domestic product also rose in the fourth quarter of 2011: the price-adjusted GDP was 1.5% higher than in the fourth quarter of 2010. Consequently, despite the slowdown in GDP growth at the end of 2011, the gross domestic product was clearly above the previous year’s level in all quarters of 2011 also in the second year after the economic crisis.

In a quarter-on-quarter comparison (adjusted for price, seasonal and calendar variations), the only positive contribution came from capital formation, according to provisional calculations. In particular, capital formation in construction was markedly higher than in the third quarter of 2011. In contrast, foreign trade had a negative impact on economic growth in the last quarter of 2011. In the quarter-on-quarter comparison, final consumption expenditure, too, showed a slight decrease.

The statistical carry-over effect of 2011 is 0.2%. That is the growth rate which would be obtained for 2012 if the seasonally and calendar-adjusted GDP remained at the level of the fourth quarter of 2011 for the entire year of 2012.

The economic performance in the fourth quarter of 2011 was achieved by 41.6 million persons in employment, which was an increase of 560,000 persons or 1.4% on a year earlier.

In addition to the first calculation of data for the fourth quarter of 2011, the Federal Statistical Office revised the GDP results published so far for the first three quarters of 2011 and for the year 2011 and corrected them where required.

The Federal Statistical Office will release more detailed results on 24 February 2012.

Press release of Statistisches Bundesamt

Wiesbaden 14 February 2012

Manufacturing

Destatis: December 2011: Number of employees in manufacturing increasing by 3.6%

At the end of December 2011, nearly 5.2 million people worked in local units of manufacturing with 50 or more persons employed in Germany. As reported by the Federal Statistical Office (Destatis) on the basis of provisional results, that was about 177,600 persons or 3.6% up than in December 2010. The number of hours worked in December 2011 increased 1.7% from a year earlier, reaching 611 million.

The earnings amounted to Euro 18.9 billion; that was 4.9% more than in December 2010.

Press release of Statistisches Bundesamt

Wiesbaden 13 February 2012

Wholesale

Destatis: Wholesale prices in January 2012: +3.0% on January 2011

The index of selling prices in wholesale trade was up 3.0% in January 2012 on January 2011, as reported by the Federal Statistical Office (Destatis). Compared with December 2011, the index of wholesale prices rose by 1.2% in January 2012.

Press release of Statistisches Bundesamt

Wiesbaden 10 February 2012

Consumer prices

Destatis: Consumer prices in January 2012: +2.1% on January 2011

In January 2012 the consumer prices in Germany were up 2.1% on January 2011. As reported by the Federal Statistical Office (Destatis), the inflation rate as measured by the consumer price index thus remained slightly above 2% (December 2011: also +2.1%). Compared with December 2011, the consumer price index markedly decreased by 0.4%. The estimate for January 2012 compared with the previous year has slightly been corrected upwards from +2.0% to +2.1%. The month-on-month result has been confirmed.

In January 2012 the rate of inflation was again mainly determined by the rise in energy prices, which exceeded the level of a year earlier by a total 7.2% (of which motor fuels: +6.4%; household energy: +7.7%). As regards household energy, the year-on-year price increase was sharpest for heating oil (+17.2%). The prices of other household energy types, too, were much higher than a year earlier (for example, charges for central and remote heating: +11.3%; gas: +6.7%; electricity: +3.0%). Not considering the energy price development, the inflation rate in January 2012 would have been +1.5%.

Prices of food and non-alcoholic beverages increased by 3.0% compared with January 2011 (of which non-alcoholic beverages: +5.5%; food: +2.7%). The marked price rise for non-alcoholic beverages is due to higher prices of coffee (+17.7%) and fruit juices (+4.3%). As regards food, prices were up especially for oils and fats (+12.3%; including margarine: +24.2%). Consumers had to pay markedly more than a year earlier also for meat (+5.6%) and fish (+4.5%). In contrast, vegetables cost considerably less than a year earlier (−9.5%; including potatoes: −23.7%).

The prices of consumer goods with a medium-term life in January 2012 were up 2.0% on a year earlier (for example clothing: +2.7%). The prices of durable consumer goods rose just slightly by 0.3% over the same period. For some of those product groups, prices even decreased (for example major electric household appliances: −0.9%; information processing equipment: −10.4%).

Prices of services rose 1.2% on a year earlier. The main factor here was again the development of net rents exclusive of heating expenses (+1.3%). Prices were also up for air tickets (+14.0%) and package holidays (+2.5%). In contrast, prices decreased for communication (−2.0%) and education (−12.2%), the latter being mainly due to the abolishment of tuition fees in Nordrhein-Westfalen in October 2011. [...]

Press release of Statistisches Bundesamt

Munich 9 February 2012

Euro Area: Ifo Indicator

Euro Area: Ifo indicator stabilises at low level

The Ifo Economic Climate Indicator for the euro area rose slightly in the first quarter of 2012 after two successive decreases, but nevertheless remains significantly below its long-term average. Appraisals of the current economic situation continued to deteriorate. The only positive trend was seen in the six-month outlook, which brightened somewhat compared to the fourth quarter of 2011. It is too early to speak of any general recovery in the euro area.

The overall current economic situation is assessed as “good” in just two countries: Germany and Estonia, while in Finland and Slovakia it is deemed “satisfactory”. In most other euro countries the current economic situation deteriorated further compared to last quarter’s survey. It is now assessed as unfavourable and/or weak in countries like Austria, the Netherlands, Belgium, Ireland, France and Italy, for example. In Greece, Portugal and Spain, now joined by Cyprus, survey participants gave the current economic situation the worst appraisals on the WES scale.

The economic six-month outlook in the euro area improved again slightly compared to the last quarter of 2011, but nevertheless remains predominantly negative. Ireland, Luxembourg and Slovenia were the only countries for which positive expectations were reported.

Inflation estimates dropped in almost all euro area countries. An annual price increase rate of 2.3% is expected for the euro area in 2012. In view of subdued economic and inflation expectations, WES experts expect monetary policy to ease over the next six months and the US dollar to strengthen against the euro.

Hans-Werner Sinn
President of the Ifo Institute

Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 9 February 2012

Insolvency

Destatis: 4.4% less business insolvencies in November 2011

In November 2011, German insolvency courts reported 2,389 business insolvencies. As reported by the Federal Statistical Office (Destatis), that was 4.4% less than in November 2010. The number of consumer insolvencies in November 2011 was 8,673 cases, which was 10.4% less than in November 2010. Together with the insolvencies of other private debtors and of estates, the courts registered a total of 13,185 insolvencies, that was 9.5% less than in November 2010.

From January to November 2011 in all 146,621 insolvencies (–5.4%) were registered, 27,606 of which were enterprise insolvencies (–6.3%). Altogether the courts registered 95,080 consumer insolvencies, which were 5.0% less than in same months one year earlier.

Press release of Statistisches Bundesamt

Wiesbaden 8 February 2012

Export & Import

Destatis: German exports in 2011: +11.4% on 2010

Exports and imports reaching record values

Germany exported commodities to the value of Euro 1,060.1 billion and imported commodities to the value of Euro 902.0 billion in 2011. Hence, as further reported by the Federal Statistical Office (Destatis) on the basis of provisional data, German exports increased by 11.4% and imports by 13.2% in 2011 on 2010. In 2011, the value of German exports for the first time exceeded a trillion Euros. Imports, too, exceeded by far the previous maximum of Euro 805.8 billion (reached in 2008).

The foreign trade balance showed a surplus of Euro 158.1 billion in 2011. In 2010, the surplus amounted to Euro 154.9 billion.

According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of Euro 135.9 billion in 2011, which included the balance of services (–Euro 7.8 billion), factor income net (+Euro 40.9 billion), current transfers (–Euro 35.6 billion), and supplementary trade items (–Euro 19.7 billion). In 2010, the German current account showed a surplus of Euro 141.5 billion.

In 2011, Germany dispatched commodities to the value of Euro 627.3 billion to the Member States of the European Union (EU), while it received commodities to the value of Euro 572.6 billion from those countries. Compared with 2010, dispatches to the EU countries increased by 9.9% and arrivals from those countries by 13.8%. Commodities to the value of Euro 420.9 billion (+8.6%) were dispatched to the Euro area countries in 2011, while the value of the commodities received from those countries was Euro 401.5 billion (+12.9%). In 2011, commodities to the value of Euro 206.4 billion (+12.6%) were dispatched to EU countries not belonging to the Euro area, while the value of the commodities which arrived from those countries was Euro 171.1 billion (+16.1%).

Exports of commodities to countries outside the European Union (third countries) amounted to Euro 432.8 billion in 2011, while imports from those countries totalled Euro 329.4 billion. Compared with 2010, exports to third countries increased by 13.6% and imports from those countries by 12.0%.

In December 2011, Germany exported commodities to the value of Euro 85.1 billion (+5.0% on December 2010) and imported commodities to the value of Euro 72.1 billion (+5.4%).

Upon calendar and seasonal adjustment, exports decreased by 4.3% and imports by 3.9% on November 2011. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 13.9 billion in December 2011.

Press release of Statistisches Bundesamt

Wiesbaden 8 February 2012

Manufacturing

Destatis: Turnover in manufacturing in December 2011 –2.2% seasonal adjusted on November 2011

As reported by the Federal Statistical Office (Destatis) on the basis of provisional data, the manufacturing sector saw turnover fell in real terms adjusted for seasonal fluctuations and working-day variations 2.2% in December 2011 compared with November 2011 (following a revised –1.4% in November 2011). Domestic turnover decreased by 2.1%, the business with foreign customers fell 2.4%. Sales to euro area countries were 4.2% below preceding month’s level, while sales to other countries went down 1.0%.

Compared with the preceding year, real turnover in manufacturing showed a total decrease of 0.5% in December 2011 after having been adjusted for working-day variations. Growth rates only were observed in domestic sales (+3.2%) business with foreign customers declined (–4.2%). Among foreign transactions, sales to euro area countries decreased by 4.3%, turnover with other foreign countries also declined 1.3%.
For the year 2011 the (working-day adjusted) turnover in manufacturing was 7.2% above the level of the previous year; domestic turnover rose 6.9% and foreign turnover by a total of 7.6%.

Press release of Statistisches Bundesamt

Wiesbaden 2 February 2012

Goods transport

Destatis: Goods transport in 2011: volume of transport increasing 6.5%

Goods transport in Germany increased markedly in 2011. According to provisional results of the Federal Statistical Office (Destatis), the volume of transport in 2011 is expected to have risen 6.5% on the previous year, reaching 4.3 billion tonnes. That has been the largest year-on-year increase since 1994 (+7.5% on 1993). Road, rail, sea and air transport contributed to growth, whereas losses were recorded for inland water transport and crude oil transport via pipelines.

Press release of Statistisches Bundesamt

Paris 31 January 2012

Aircraft industry

Euler Hermes: Aircraft industry takes off while air transport remains grounded

Aircraft industry posts robust order books despite the global economic slowdown.

Airline margins badly squeezed by rising fuel costs in 2011.

The air transport sector will continue to deteriorate in 2012, mainly for European airlines.

2011 was a record year for aircraft manufacturers, as much in terms of units produced as in terms of orders, which doubled relative to 2010. Growth in the sector is being driven by the strong expansion of Asian and Middle East airlines, which are developing fast and increasing their capacity in order to gain market share.

In contrast, airlines were faced with rising fuel prices in 2011, which eroded their margins. Moreover, the global economic slowdown will affect air traffic, which is forecast to grow by only 3% in 2012.

Some good years ahead for aircraft manufacturers

In 2011, the aircraft industry for the first time broke through the symbolic 1,000 unit mark, with 1,011 aircraft delivered, corresponding to an annual increase of 4%. At the same time, net orders doubled to 2,224 aircraft. While 2011 was an excellent year at commercial level, the momentum was also due to the arrival on the market of aircraft that consume up to 15% less fuel and produce less CO2.

“The aircraft industry is enjoying exceptionally robust growth. It is the first time in thirty years that an economic slowdown has not been accompanied by a fall in production”, says Ludovic Subran, Chief Economist at Euler Hermes. “Thanks to the momentum of Asian, Middle-East and low-cost airlines, aircraft manufacturers saw their order books substantially strengthened in 2011, ensuring solid production for the next seven or eight years.” Euler Hermes forecasts a 12% increase in deliveries of commercial aircraft in 2012. [...]

Press release of Euler Hermes

Munich 31 January 2012

Credit Constraint Indicator

ifo: Credit Constraints remain low

The credit constraints for German trade and industry fell slightly in January. 22.8% of the companies surveyed reported a restrictive credit policy on the part of banks. This result is 0.3 percentage points lower than in December. The German economy continues to enjoy very favourable financing conditions.

In manufacturing the credit constraints for large and medium-sized companies decreased markedly. Reports of restrictive credit constraints fell by 2.2 percentage points to 21.1% at large companies, and by 2.1 percentage points to 18.1% at medium-sized companies. Only small companies reported slight difficulties obtaining credit, with the number of “restrictive” responses increasing by 0.3 percentage points to 24.6%.

In construction credit constraints fell by 0.2 percentage points to 32.1%. In the distributive sectors, on the other hand, credit constraints rose slightly again, and now stand at 21.3%, 1.0 percentage points higher than in December.

Hans-Werner Sinn
President of the Ifo Institute

Press release of ifo Institut für Wirtschaftsforschung e.V.

Wiesbaden 31 January 2012

Retail

Destatis: Retail turnover in Germany in December 2011: –0.9% in real terms on December 2010

According to provisional results of the Federal Statistical Office (Destatis), retail turnover in December 2011 in Germany increased 0.5% in nominal terms and decreased 0.9% in real terms compared with the corresponding month of the previous year. The number of days open for sale was 26 in December 2011 and 26 in December 2010, too.

When adjusted for calendar and seasonal variations (CENSUS-X-12-ARIMA), the December turnover was in nominal terms 1.7% and in real terms 1.4% smaller than that in November 2011.

Compared with the previous year, turnover in retail trade was in the whole year 2011 in nominal terms 2.6% and in real terms 0.9% larger.

Press release of Statistisches Bundesamt

Wiesbaden 30 January 2012

Wholesale

Destatis: Wholesale turnover in the 4th quarter 2011: +1.6% in real terms on the 4th quarter 2010

According to provisional results of the Federal Statistical Office (Destatis) the turnover achieved by wholesale trade in Germany in the 4th quarter 2011 increased 4.1% in nominal terms and 1.6% in real terms compared with the 4th quarter 2010.

In December 2011 turnover in wholesale trade was in nominal terms 3.2% and in real terms 1.9% larger than that in December 2010.

Compared with 2010, turnover in wholesale trade increased 8.2% in nominal terms and 2.5% in real terms in the whole year 2011.

Press release of Statistisches Bundesamt

Wiesbaden 16 January 2012

Wholesale

Destatis: Wholesale prices in 2011: +7.5% on 2010

The index of selling prices in wholesale trade was up 7.5% on an annual average in 2011 from the preceding year, as reported by the Federal Statistical Office (Destatis). This was the highest year-on-year-rate since 1981 (+7.7% compared to 1980).

Compared with December 2010, the index increased by 3.0% in December 2011. In November 2011 the annual rate of change was +4.9% and in October 2011 it was +5.0%, respectively.

Press release of Statistisches Bundesamt

Wiesbaden 12 January 2012

Inflation rate

Destatis: Inflation rate down for the third consecutive month at the end of the year

Consumer prices in Germany rose by 2.3% on an annual average in 2011 compared with 2010. As reported by the Federal Statistical Office (Destatis), the year-on-year rate of price increase thus was markedly higher than in the previous two years (2010: +1.1%; 2009: +0.4%). A higher annual average rate of price increase was last observed in 2008 (+2.6% on 2007). Both on an annual average and for the individual months, inflation rates of 2% and over were calculated for 2011.

The marked increase in the year-on-year rate of price increase in 2011 was mainly due to energy prices. The price of energy altogether rose considerably by 10.0% in 2011 (of which motor fuels: +11.0%; household energy: +9.5%). As regards household energy, marked price increases were observed for central and remote heating (+8.0%), electricity (+7.3%) and gas (+4.6%) in addition to the sharp price rise for heating oil (+24.5%). Not considering energy prices, the year-on-year rate of price increase was 1.3%.

Above-average price increases were also recorded for food and non-alcoholic beverages (+2.8%; of which food: +2.5%; non-alcoholic beverages: +6.1%). Price rises noticeable for consumers occurred especially for oils and fats (+12.6%; including butter: +14.2%) as well as coffee, tea and cocoa (+10.2%; including coffee: +17.6%). Marked price increases were also recorded for meat (+2.8%) and many dairy products (for example, cream: +10.7%; curd: +7.0%). Vegetable prices, however, were down from 2010 to 2011 (−3.9%).

As regards goods in general, prices were up 3.3% on 2010. Above-average price increases were observed for non-durable consumer goods (+4.7%), while prices were slightly down for durable consumer goods (−0.1%; including information processing equipment: −9.2%).
Prices of services in general rose moderately (+1.3%) in 2011 (including net rent exclusive of heating expenses: +1.2%; but communication: −2.7%). What should be mentioned here is the price development for air tickets: they were considerably up in 2011 (+13.4%) especially as a result of the air transportation tax charged since the beginning of the year. Due to the small share in the overall budget of households, however, that had hardly any effect on the year-on-year inflation rate of 2011 for total consumer prices. [...]

Press release of Statistisches Bundesamt

Wiesbaden 11 January 2012

German Economy

Destatis: German economy in a very robust condition in 2011

The German economy again grew strongly in 2011. The price-adjusted gross domestic product (GDP) increased by 3.0% compared with the previous year. This is shown by first calculations of the Federal Statistical Office (Destatis). Accordingly, the catching-up process of the German economy continued during the second year after the economic crisis. In the course of 2011, the price-adjusted GDP again exceeded its pre-crisis level. The economic recovery occurred mainly in the first half of 2011. In 2009, Germany experienced the most serious post-war recession, when GDP suffered a historic decline of 5.1%. The year 2010 was characterised by a rapid economic recovery (+3.7%). [...]

Press release of Statistisches Bundesamt

Wiesbaden 10 January 2012

Insolvencies

Destatis: 4.8% less business insolvencies in October 2011

In October 2011, German insolvency courts reported 2,363 business insolvencies. As reported by the Federal Statistical Office (Destatis), that was 4.8% less than in October 2010. The number of consumer insolvencies in October 2011 was 7,838 cases, which was 9.8% less than in October 2010. Together with the insolvencies of other private debtors and of estates, the courts registered a total of 12,152 insolvencies, that was 9.1% less than in October 2010.
From January to October 2011 in all 133,436 insolvencies (–5.0%) were registered, 25,217 of which were enterprise insolvencies (–6.5%). Altogether the courts registered 86,407 consumer insolvencies, which were 4.4% less than in same months one year earlier.

Press release of Statistisches Bundesamt

Wiesbaden 10 January 2012

Manufacturing

Destatis: Turnover in manufacturing in November 2011 –1.1% seasonal adjusted on October 2011

As reported by the Federal Statistical Office (Destatis) on the basis of provisional data, the manufacturing sector saw turnover fall in real terms adjusted for seasonal fluctuations and working-day variations 1.1% in November 2011 compared with October 2011 (following a revised +0.7% in October 2011). Domestic turnover decreased by 1.5%, the business with foreign customers fall 0.6%. Sales to euro area countries were 0.1% below preceding month’s level, while sales to other countries went down 1.0%.
Compared with the preceding year, real turnover in manufacturing showed a total increase of 2.0% in November 2011 after having been adjusted for working-day variations. Growth rates were observed in domestic sales (+2.6%) as well as from business with foreign customers (+1.3%). Among foreign transactions, sales to euro area countries increased by 1.3%, turnover with other foreign countries ascended also 1.3%.

Press release of Statistisches Bundesamt

Wiesbaden 9 January 2012

Foreign Trade

Destatis: German exports in November 2011: +8.3% on November 2010

Germany exported commodities to the value of Euro 94.9 billion and imported commodities to the value of Euro 78.7 billion in November 2011. As further reported by the Federal Statistical Office (Destatis) on the basis of provisional data, German exports increased by 8.3% and imports by 6.7% in November 2011 on November 2010. Upon calendar and seasonal adjustment, exports and imports showed opposite month-on-month developments: while exports increased by 2.5% on October 2011, imports decreased by 0.4%.
The foreign trade balance showed a surplus of Euro 16.2 billion in November 2011. In November 2010, the surplus had amounted to Euro 13.9 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 15.1 billion in November 2011.
According to provisional results of the Deutsche Bundesbank, the current account of the balance of payments showed a surplus of Euro 14.3 billion in November 2011, which included the balance of services (– Euro 0.1 billion), factor income net (+ Euro 4.1 billion), current transfers (– Euro 3.6 billion), and supplementary trade items (– Euro 2.3 billion). In November 2010, the German current account had shown a surplus of Euro 14.4 billion.
In November 2011, Germany dispatched commodities to the value of Euro 56.0 billion to the Member States of the European Union (EU), while it received commodities to the value of Euro 50.6 billion from those countries. Compared with November 2010, dispatches to the EU countries increased by 8.4% and arrivals from those countries by 10.6%. Commodities to the value of Euro 37.7 billion (+7.7%) were dispatched to the Euro area countries in November 2011, while the value of the commodities received from those countries was Euro 35.1 billion (+8.8%). In November 2011, commodities to the value of Euro 18.3 billion (+9.8%) were dispatched to EU countries not belonging to the Euro area, while the value of the commodities which arrived from those countries was Euro 15.5 billion (+15.1%).
Exports of commodities to countries outside the European Union (third countries) amounted to Euro 38.9 billion in November 2011, while imports from those countries totalled Euro 28.0 billion. Compared with November 2010, exports to third countries increased by 8.2% and imports from those countries by 0.2%.

Press release of Statistisches Bundesamt

Wiesbaden 16 December 2011

Hotel and Restaurant Industry

Destatis: Turnover in accommodation and food service activities in October 2011 in real terms: –0.5% to October 2010

According to results of the Federal Statistical Office (Destatis), turnover in the German accommodation and food service activities increased in October 2011 by 1.6% in nominal terms and decreased by 0.5% in real terms compared with the corresponding month in the previous year.
Compared with the turnover achieved in September 2011, the turnover in October 2011 was in nominal terms 0.1% larger and in real terms equal to that (0.0%) after adjustment for calendar and seasonal effects (Berlin method 4.1 – BV 4.1).
Compared with the first ten months of the previous year, turnover in the German accommodation and food service activities increased by 3.6% in nominal terms and by 2.1% in real terms in the first ten months of 2011.

Press release of Statistisches Bundesamt

Wiesbaden 15 December 2011

Start-Ups

Destatis: 3.8% less start-ups of larger businesses from January to September 2011

As reported by the Federal Statistical Office (Destatis), some 110,000 businesses were founded from January to September 2011, whose legal form and number of employees suggest some economic importance. That was 3.8% less than in the same period of the previous year.

In the same period of 2011, some 225,000 small businesses were founded. Hence, the number of start-ups of small businesses decreased 5.5% on the same period a year earlier.

Press release of Statistisches Bundesamt

Wiesbaden 14 December 2011

Climate Protection Goods

Destatis: 2009: Turnover with climate protection goods amounting to Euro 27.3 billion

The establishments of the industry and service sectors in Germany achieved a turnover of about Euro 44.6 billion in 2009 with goods for environmental protection. As further reported by the Federal Statistical Office (Destatis), goods, construction operations and services for climate protection accounted for over 60% (Euro 27.3 billion) of that turnover.

Press release of Statistisches Bundesamt

Wiesbaden 12 December 2011

Environmental protection

Destatis: Environmental protection investments in industry amounting to Euro 5.6 billion in 2009

In 2009, enterprises in industry invested Euro 5.6 billion in tangible fixed assets for environmental protection. As reported by the Federal Statistical Office (Destatis), environmental protection investments thus were down 6.9% on 2008. As, however, total investments decreased even more strongly in 2009 as a result of the economic crisis, the proportion of environmental protection investments in total investments rose from 7.9% to 8.8% over the same period.

Press release of Statistisches Bundesamt

Wiesbaden 9 December 2011

Crafts Sector

Destatis: 5.7% more turnover in the crafts sector in the third quarter of 2011

The turnover in crafts with compulsory approval was up 5.7% in the third quarter of 2011 compared to the third quarter of 2010. As the Federal Statistical Office (Destatis) further reports, the number of persons employed by crafts entrepreneurs was up 0.2% at the end of September 2011 compared to the level a year earlier.

Press release of Statistisches Bundesamt

Paris 8 December 2011

Automobile Sector

Euler Hermes: Is the automobile market set to stall?

The world automobile market recovered its average annual growth rate of 4% to 5% in 2011 and is expected to remain on a positive trend in 2012, although growth will slow.

Emerging market demand, which drove growth in the automobile sector in 2009-2010, slowed in 2011 and will continue to do so in 2012.

In industrialised countries, the market remains far below its level prior to the 2008-2009 crisis, particularly in Europe where there is still significant overcapacity.

The main challenges facing carmakers are to adapt their offer to emerging markets and to develop industrial partnerships in the areas of innovation and production.

The automobile sector suffered its worst crisis ever in 2008-2009, when production plummeted by 15.5% to 61.8 million vehicles. Faced with the freefall of 2009, many countries introduced car scrapping schemes and other car sales incentives, leading to a strong 26% market rebound in 2010. “The world market returned to cruising speed this year with annual growth of 5% in 2011, i.e. close to 82 million vehicles produced,” says Wilfried Verstraete, Chairman of Euler Hermes’ Group Management Board. “In emerging countries automobile demand appears to be running out of steam which partly explains our forecast of a stabilisation in growth at 5% for 2012.” [...]

Press release of Euler Hermes (PDF)

Presentation charts (PDF)

Wiesbaden 8 December 2011

Inland water transport

Destatis: Inland water transport in 2010: Increase of turnover: +4,1%

As reported by the Federal Statistical Office (Destatis), 970 enterprises resident in Germany were engaged in inland water transport in mid 2010. These enterprises had 2,513 inland water crafts for the carriage of passengers and goods (–3.5% to 2009), and employed 7,292 (–2.4%) persons in this field of activity. The enterprises engaged in inland water transport achieved in 2010 a turnover of Euro 1.3 billion (+4.1%).

Press release of Statistisches Bundesamt