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GERMANY: Exports expansion but insufficient evolution of business investments

The federal elections will take place in September in an economy whose GDP has been growing moderately for the 5th consecutive year. The growth is based on an explosion of estate investments and of constructions (apartments), on the purchasing trend of consumers, on government investments in infrastructures and public expenses (especially for the management of the migratory inflow) and on an increase in exports (euro area). The increase of investment in equipment in the 1st quarter could stimulate the industrial production. In 2017, the industry
foresees a growth of 1.5% of its added value and the creation of 500,000 new jobs.
The unemployment rate reached its historical minimum (July ’17: 5,6%). The businesses announce a record of more than one million unoccupied workplaces and are gradually facing a lack of specialized working force and limited production capacities. This employment boom causes an increase in the wage level (+10% since 2014). Private consumption is the pillar of the economic trend thanks to the favourable situation of the labour market and reduced interest rates.
The surplus of the current account balance in Germany (’16: 9% of the GDP) is confronted with deficits in other countries, especially in the USA. In order to achieve a balance, several analysts would choose an increase in public and business (equipment) investments and a cut in
taxes (e.g. VAT) in order to increase the disposable income of households and thus stimulate consumption and imports.

September 2017

ECSA Chemicals AG
Burgauerstrasse 17
CH-9230 Flawil (Switzerland)

Via Luigi Favre 16
CH-6828 Balerna (Switzerland) 

T. +41582119100
F. +41582119101

ECSA Maintenance AG
Burgauerstrasse 17 
CH-9230 Flawil (Switzerland)

Via Luigi Favre 16 
CH-6828 Balerna (Switzerland)

T. +41582119300
F. +41582119301

ECSA Energy SA
Via Luigi Favre 16 
CH-6828 Balerna (Switzerland)
T. +41582119500
F. +41582119501

con Unico Socio
Via Lavoratori Autobianchi 1 
I-20832 Desio (MB)
(Stabile n. 15 - Polo Tecnologico della Brianza)
T: +39 0362 625 421
F: +39 0362 304 361
P.IVA IT00222470130

Porta Ticino Easy Stop SA
Via San Giorgio 37
CH-6877 Coldrerio
T. +41582119910
F. +41582119911

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