BERLIN, November 16, 2017 /PRNewswire/ --
The Federation of German Industries (BDI) is anticipating a healthy increase in manufacturing industry production of three per cent for 2017.
Global trade is set to increase by four per cent overall, according to the Netherlands Bureau for Economic Policy Analysis (CPB), the largest increase since 2011. Juxtaposition of the two figures by the BDI suggests German exports in manufactured goods will increase by four per cent also.
Industrial production will rise for the fifth year in a row, says the BDI report, a rise this time of over two per cent. After a slow start to the year, the second quarter growth of three per cent (measured against 2016) will be backed up by similar growth levels in the third quarter, giving an overall increase for the first eight months of 2017 of around 2.5 per cent, measured against the same eight months of 2016.
The increases in manufacturing in the same period were even higher. The electronics industry was the star, with a growth in production of more than five per cent. After four static years, machine-building is also growing, by two per cent. The chemical industry's growth looks to be just over two percent, helped in no small way by excellent results from pharmaceuticals. The automobile industry is also growing at around the two per cent rate.
"These results are an excellent sign for business location Germany and should be regarded as key arguments for the location among foreign investors," said Jürgen Friedrich, CEO of federal economic development agency Germany Trade & Invest (GTAI)
The growth rates are predicted to hold until the end of the year, leading the BDI to the conclusion that there will be overall production growth of three per cent for 2017.
Germany Trade & Invest is the foreign trade and inward investment agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities in the German market. It provides information on foreign trade to German companies that seek to enter into foreign markets. All inquiries relating to Germany as a business and investment location are treated confidentially. All investment services are available at no charge.
SOURCE Germany Trade and Invest