Thüringen
NUTS 1: DEG THUERINGEN
|
NUTS 2: Thüringen appears at several NUTS levels but only one code is assigned “DEG Thüringen (NUTS 1, NUTS 2)”
|
GDP per head (2000)
DEG THUERINGEN557: 36.688€ (average of new Länder incl. Berlin: 17.424 € and excl. Berlin: 16.216 €)558
Germany559 24.700 €
EU-15 = 100; DEG = 69,6560
GDP at current prices/in Million €
DEG THUERINGEN (mio €)561: 39.304
Germany562 (mio €): 2.030.000
EU-15563 (mio €): 8.524.371
Employment rate (2000)
1.058.000 = 62,5% (German average = 68,8%)564
Unemployment rate (2002) 565
DEG Thüringen 15,9% (German average: 9,8%; West 7,9%, East: 18,0%)
Technological standing (5 point scale): 3,5
Strengths [short description] 566
With a surface area of 16.172 km², Thueringen is one of the smaller German territorial states. Located in the centre of Germany, the former GDR-state has a population of 2.431.000 inhabitants (in 2002). Concerning its infrastructure the state has access to major west-east and north-south motorway connections including the centre for goods traffic Thüringen (GVZ) near Erfurt (the largest in the new Länder with 300 ha). Moreover, the train network is good developed (1.750 km) and is further developed (ICE/Interregio). The state has an international airport in Erfurt (493.731 passengers in 2001), three regional airports (Altenburg-Nobitz, Eisenach-Kindel und Obermehler-Schlotheim) and 19 minor civil airports. In 2002 Erfurt became awarded because of the high level of security standards "Airport of the Year 2002" by the Pilot’s federation ‘Cockpit’. Thus, Thüringen is a good location for logistic companies.
Regarding its labour conditions many enterprises in the state choose new models offering flexible working hours. In addition, special wage agreements between employers and employees (partly the pay and wage agreements (‘Flächentarifvertrag’) is not valid here) offer cost advantages in comparison to most other regions in Germany.
The diversity of the economic structure is very high. Traditional branches are mechanical engineering (14.300; core competencies: automation technology, special machines), plastics and metal processing and automotive industry. New field are high-tech areas (computer manufacturing, optics, semiconductor manufacturing, solartechnology (core competencies: silicon wafers, solar cells, thin-film technology, sensor technology and microsystems technology) or bio-technology (centred around Jena)). Thüringen ranked first in Germany as employment increased with over 7% in 2000. Turnover per employee was 7 times higher in 2001 compared to 1991.
Automotive and automotive supplier sectors are the largest employers in Thüringen (30.000 employees ((24% of industrial employees); core competencies: precision components, mechatronics, automation). In the high technology sector, main branches are electrical engineering, microelectronics, ICT and the production of semiconductors. Jena glass and optical instruments have built up a reputation throughout the world for decades. Biotechnology and instrument making, manufacture of bio-instruments and the medial/pharmaceutical industry has emerged as a new industrial sector in Jena. Regarding solartechnology the German first solar village is built in Kettmannshausen. With a view to the high-technology sector, a network of research centres and firms working in biotechnological research, development and production have been set up. The ICT sector (14.000 employees; core competencies: hardware, software, business solutions) is largely constituted by SME. Also the call-centre sector is a flourishing industry in the state as flexible working methods such as 24 hour, Sunday, public holiday working services are possible here without public authorisation.
In terms of turnover in 2001 the food and tobacco industry ranks first with 2.591 mio € followed by the automotive industry with 1.910 mio €. Next relevant sectors are production of metal products (1.597 mio €), mechanical engineering (1.577 mio €) and electricity production device (1.488 mio. €).
5 universities, 5 public institutes of higher education, 3 Max-Planck-institutes, 3 Fraunhofer installations, 20 economic-oriented institutes, 8 technology centres, 5 industry-oriented transfer centres are located in the state. Several research institutes are integrated into nation-wide networks for competency. At 32 patent applications per 100.000 inhabitants, Thueringen ranks first among the new Länder.
In 1999 the state held rank 9 in investment per employee in the processing industry.567
Companies: Adam-Opel-AG, Analytik AG, Antec Solar GmbH, Asclepion-Meditec AG, BMW, Robert Bosch GmbH, Chema Balke-Dürr Verfahrenstechnik GmbH, csg Computer Service GmbH, Cybio AG, Babcock Borsig AG, Bluechip Computer GmbH, DaimlerChrysler, Deutsche Post AG, ErSol Solar Energy AG, FER Fahrzeugelektrik GmbH, Fiege Group, Fujitsu Siemens Computer, Gebr. Becker GmbH & Co. KG, Geratherm Medical AG, Paul Günther Logistik AG, HELPBYCOM, Ibykus AG, IKEA,, Intershop Communications, Jenapharm, Jenoptik AG, LDT, Logatec GmbH, LSR GmbH recycling center, Mannesmann Engineering Group's Demag Ergotech Wiehe GmbH, Mitsubishi Motor Corporation, Mühl AG, MSG MediaServices GmbH, Motex Mode-Textil-Service GmbH, MüCom Systeme, Panopa Logistik GmbH & Co. KG, P&O Trans European GmbH, PV Crystalox Solar AG, R+S Textil Handels GmbH, Schott, Swedish Sandvik Group, Thesys GmbH, Thesycon System Software & Consulting, VEKA Umwelttechnik GmbH, X-FAB Semiconductor Foundries GmbH, VIAG Interkom, Zeiss, ZF Friedrichshafen AG
Weaknesses [short description]
Like Brandenburg, Mecklenburg-Vorpommern, Berlin (East), Sachsen and Sachsen-Anhalt the state still belongs to the "priority 1" regions (regions with maximum subsidization possibilities) supported by the EU structural funds. Unemployment level for a long time above the German average.
Evolution in last decade [short description]
Employment has been slightly (but relative stable over the years) (1992: 1.055.100, 2002: 1.047.000) while the GDP/per capita was growing (1992: 8.901 €, 2002: 16.929 €).568 Nevertheless, unemployment remains higher than in the rest of Germany.
In the course of economic restructuring, the traditional industrial sector of automotive production and the optical industry have been flanked by modern sectors, as the industry has gone through enormous restructuring since the early 1990ies. Thus, most relevant sectors today are the automotive industry, optoelectronics, and science-based branches (telecommunications and microelectronics).
With a view to environmental industries, Thüringen was already in 1996 concentrate on the use of plants as raw materials. Thus, innovative applications are promoted, especially for wood and fiber plants. Over the past years, the high-tech sector has been constantly growing. Over 30 new companies have been established in the bio-tech industry in Jena since 1996 alone.
Additionally, the service sector grew in importance as well as the processing industry while the construction trade decreased its relevance.
Further indicators
Public revenue and spending (€)569
|
2003 (draft)
|
Revenue
|
8.725.219.900
|
Spending
|
9.082.732.700
|
Employment (at workplace) per sector in 1000570
Agriculture:
2000: 35,8
2001: 33,7
|
Industry (without building and construction trade):
2000: 205,6
2001: 209,6
|
Building and construction trade:
2000: 139,4
2001: 125,7
|
Trade, tourism, transportation:
2000:254,3
2001: 250,1
|
Public and private services:571
2000: 441,3
2001: 437,3
|
Industrial Structure
Branches of industry572
Branch
|
Employment figures
|
|
2000
|
2001
|
Food and tobacco
|
15.441
|
15.732
|
Rubber and synthetic material
|
10.530
|
10.956
|
Glas, ceramic, working of stone and earth
|
11.284
|
11.083
|
Metal (production, working, ..)
|
265
|
273
|
Mechanical engineering
|
14.284
|
15.229
|
Production of equipment for the production of electricity, office machines, ICT techniques, optical equipment tv,…
|
18.658
|
20.084
|
Vehicle production
|
9.006
|
9.594
|
Furniture, jewellery, musical instruments, sports equipment, toys
|
7.940
|
8.116
|
Research base Employment in education, higher education and research573
Public expenditure on science and research (thousand €)574
2002 (draft)
|
2.429.752
|
2003 (draft)
|
2.279.213
|
Students at universities575
Wintersemester
|
Total number of
|
1999/2000
|
36.299
|
2000/2001
|
39.752
|
2001/2002
|
43.302
|
Support infrastructure
Infrastructure (categories of streets)576
Category
|
Motorway (Autobahn)
|
Road network
|
Total
|
Kilometres
|
299
|
9.951
|
10.250
|
Vehicles577
Doctors and dentists (2000)578
Doctors
|
7.692
|
Dentists
|
2.076
|
Designation for principal domestic policy support instruments (5 point scale): 4
Territorial Policy
|
4
|
Public sector transfer
|
4,7
|
Employment policy
|
3,9
|
Technology policy
|
3,3
|
Thüringen579
TH
|
Fiscal resources before SHES (in Mio. DM)
|
Divergence from national average (balance measurement)
(= 100)
|
Contribution / assignment within SHES
(in Mio. DM)
|
Fiscal resources after SHES
(in Mio. DM)
|
Divergence from national average (balance measurement)
(= 100)
|
Supplementary federal grants (in Mio. DM)
|
Fiscal resources after SHES and Gap-filling grants
(in Mio. DM)
|
Divergence from national average (balance measurement)
(= 100)
|
Gap-filling grants
|
Compensations for special political costs
|
Compensations for special burdens
(east Germany)
|
Transitional grants
(west Germany)
|
Rehabilitational grants Bremen and Saarland
|
SFH total
|
1995
|
8.673
|
85.0
|
1.019
|
9.692
|
95.0
|
459
|
164
|
2.008
|
0
|
0
|
2.631
|
10.151
|
99.5
|
1996
|
8.629
|
84.0
|
1.127
|
9.757
|
95.0
|
462
|
164
|
2.008
|
0
|
0
|
2.634
|
10.219
|
99.5
|
1997
|
8.507
|
83.9
|
1.123
|
9.630
|
95.0
|
456
|
164
|
2.008
|
0
|
0
|
2.628
|
10.086
|
99.5
|
1998
|
8.909
|
84.0
|
1.164
|
10.073
|
95.0
|
477
|
164
|
2.008
|
0
|
0
|
2.649
|
10.550
|
99.5
|
1999*
|
9.289
|
84.0
|
1.218
|
10.507
|
95.0
|
498
|
164
|
2.008
|
0
|
0
|
2.670
|
11.005
|
99.5
|
2000*
|
9.444
|
83.4
|
1.320
|
10.764
|
95.0
|
510
|
164
|
2.008
|
0
|
0
|
2.682
|
11.274
|
99.5
|
2001
|
8.870
|
84.3
|
1.125
|
9.994
|
95.0
|
473
|
164
|
2.008
|
0
|
0
|
2.645
|
10.468
|
99.5
|
*) preliminary
Impact on ex-ante divergence from national average of support from EU funds (7 point scale): 6,0
|
|
2000-2006 (mio €)
|
|
|
|
ERDF
|
ESF
|
EAGGF
|
|
|
Total
|
EU contribution
|
EU contribution
|
%
|
EU contribution
|
%
|
EU contribution
|
%
|
Objetive 1
|
Thuringia
|
10018.45
|
2886.137
|
1480.29
|
51.29%
|
866.7
|
30.03%
|
539.147
|
18.68%
|
Impact on ex-ante divergence from national average of domestic policies (7 point scale): 6,2
Change in standing of region relative to national average in last five and ten years580
|
1991
|
1996
|
2001
|
GDP/capita (€)
|
6.444
|
14.173
|
16.580
|
Population
|
2.591.400
|
2.496.500
|
2.421.000
|
Employment (persons)
|
1.237.900
|
1.056.400
|
1.069.200
|
Unemployment (persons)
|
147.963
|
191.013
|
194.078
|
Unemployment rate
|
10,2
|
16,7
|
16,5
|
|
1995
|
1997
|
1999
|
R+D expenditure (mio €)581
|
542
|
628
|
630
|
Estimated effect on regional circumstances of different domestic policies:
|
Strongly positive
|
Slightly positive
|
Neutral
|
Slightly negative
|
Strongly negative
|
Territorial Policy
|
X
|
|
|
|
|
Public sector transfer
|
X
|
|
|
|
|
Employment policy
|
X
|
|
|
|
|
Technology policy
|
X
|
|
|
|
|
Part B: Specific policies and their effect on cohesion
1 Macroeconomic policy
How has the approach to macroeconomic policy changed in recent years, and especially since the advent of EMU?
The German economy is undergoing complicated economic times as the economic stagnation is going into its third year582. Its growth rate is among the lowest in the Euro area, unemployment is rising and government finances are problematic in view of the Stability and Growth Pact (SGP) (deficits of 3.6% and 3.4% of GDP forecast for 2002 and 2003). Monetary policy is tight in Germany as the lowest rate of inflation in the Euro area (1.3% in 2002) combines with interest rates set by the ECB for the area as a whole 3.3% to give a comparatively high real rate of interest of 2.0%. Also the rise in the value of the Euro and the World economic slowdown caused mayor problems for the German economy. Fiscal policy needs to be revised to obey the SGP, even if much of the public deficit is related to continuing problems in Eastern Germany. So the improvement of national and regional economies from the fiscal deficit has been taciturn.
Main Features of country forecast – GERMANY
|
2001 (bn €)
|
Annual percentage change
|
|
Curr. prices
|
% GDP
|
1981-1998
|
1999
|
2000
|
2001
|
2002
|
2003
|
2004
|
GDP at constant prices
|
2071.2
|
100.0
|
2.0
|
2.0
|
2.9
|
0.6
|
0.2
|
0.4
|
2.0
|
Private consumption
|
1232.2
|
59.5
|
2.0
|
3.7
|
1.4
|
1.5
|
-0.6
|
0.2
|
1.5
|
Public consumption
|
393.5
|
19.0
|
1.4
|
1.0
|
1.2
|
0.8
|
1.5
|
0.5
|
0.8
|
GFCF
of which: equipment
|
416.3
166.3
|
20.1
8.0
|
1.5
2.0
|
4.1
7.2
|
2.5
9.5
|
-5.3
-5.8
|
-6.7
-9.4
|
0.0
2.2
|
3.1
5.8
|
Change in stocks as % of GDP
|
-9.4
|
-0.5
|
0.0
|
-0.3
|
-0.1
|
-0.8
|
-0.7
|
-0.5
|
-0.2
|
Exports (goods and services)
|
726.9
|
35.1
|
5.2
|
5.6
|
13.7
|
5.0
|
2.6
|
3.4
|
6.4
|
Final demand
|
2759.5
|
133.2
|
2.5
|
3.4
|
4.6
|
0.7
|
-0.4
|
1.3
|
3.2
|
Imports (goods and services)
|
688.3
|
33.2
|
4.3
|
8.5
|
10.5
|
1.0
|
-2.1
|
3.9
|
6.7
|
GNI at constant prices (GDP deflator)
|
2055.8
|
99.3
|
2.0
|
2.1
|
3.1
|
0.3
|
0.5
|
0.4
|
2.1
|
Contribution to GDP growth:
|
Domestic demand
|
|
1.7
|
3.2
|
1.6
|
-0.2
|
-1.5
|
0.2
|
1.6
|
|
Stockbuilding
|
|
0.0
|
-0.4
|
0.2
|
-0.6
|
0.1
|
0.2
|
0.2
|
|
Foreign balance
|
|
0.4
|
-0.7
|
1.0
|
1.4
|
1.6
|
0.0
|
0.2
|
Employment
|
|
|
0.3
|
1.2
|
1.8
|
0.4
|
-0.6
|
-0.8
|
0.2
|
Unemployment (a) -
|
|
|
-
|
8.4
|
7.8
|
7.7
|
8.2
|
8.9
|
8.9
|
Compensation of employees/head
|
|
|
3.7
|
1.2
|
2.0
|
1.7
|
1.6
|
2.2
|
2.3
|
Unit labour costs
|
|
|
1.9
|
0.4
|
1.0
|
1.5
|
0.8
|
0.9
|
0.5
|
Real unit labour costs
|
|
|
-0.7
|
-0.1
|
1.2
|
0.1
|
-0.8
|
-0.3
|
-0.3
|
Savings rate of households (b)
|
|
|
-
|
15.4
|
15.4
|
15.7
|
16.0
|
16.0
|
15.8
|
GDP deflator
|
|
|
2.7
|
0.5 -
|
0.3
|
1.4
|
1.6
|
1.2
|
0.8
|
Private consumption deflator
|
|
|
2.6
|
0.4
|
1.5
|
1.9
|
1.4
|
1.3
|
1.1
|
Harmonised index of consumer prices
|
|
|
-
|
0.6
|
1.5
|
2.1
|
1.3
|
1.3
|
1.2
|
Trade balance (c)
|
|
|
3.8
|
3.4
|
3.1
|
4.8
|
6.2
|
6.2
|
6.2
|
Balance on current transactions with ROW (c)
|
|
|
1.2
|
-0.8
|
-1.0
|
0.2
|
2.4
|
2.5
|
2.4
|
Net lending(+) or borrowing(-) vis à vis ROW (c)
|
|
|
1.0
|
-0.8
|
-0.3
|
0.1
|
2.4
|
2.6
|
1.8
|
General government balance (c)(d) -
|
|
|
2.4
|
-1.5
|
1.1
|
-2.8
|
-3.6
|
-3.4
|
-2.9
|
General government gross debt (c)
|
|
|
46.0
|
61.2
|
60.2
|
59.5
|
60.8
|
62.7
|
63
|
(a) as % of civilian labour force. (b) gross saving divided by gross disposable income. (c) as a percentage of GDP. (d) Including proceeds relative to UMTS licences in 2000. The UMTS amount as a % of GDP would be : 2.5%.
Source: European Commission, 2003, Spring Economic Forecasts 2003, European Economy, p. 50.
Benchmark figures of macroeconomic development in the Federal Republic of Germany1)
|
2000
|
2001
|
2002
|
Annual
Projection:
2003
|
INDUSTRIAL ORIGIN of gross domestic product (GDP)
GDP at 1995 prices
Gainfully employed persons
GDP per gainfully employed person
GDP per gainfully employed person
Unemployment rate in % (Federal Labour Office definition)2) (figures for earlier years see below)
|
2,9
1,8
1,1
9,7
|
0,6
0,4
0,1
9,4
|
0,2
-0,6
0,8
9,8
|
1
-0,5
1,5
10
|
GDP by expenditure at current prices
Consumption spending
Private households and private organisations w/o income
General government
Gross fixed capital formation
Changes in inventories and the like ( K bn )
|
3,0
2,2
3,0
5,2
|
3,5
1,6
-5,1
-9,4
|
0,9
2,3
- 6,2
-8,0
|
2,5
1,5
0
-6
|
Domestic demand
External balance of goods and services ( K bn )
(in % of GDP)
|
3,0
7,8
0,4
|
0,5
38,6
1,9
|
-0,2
83,8
4,0
|
2
103
5
|
Gross domestic product (nominal)
|
2,6
|
2,0
|
2,0
|
2,75
|
GDP by expenditure at 1995 prices
Consumption spending
Private households and private organisations w/o income
General government
Gross fixed capital formation
Equipment
Buildings
Other plant
Changes in inventories and the like (GDP growth contribution)3)
|
1,4
1,2
2,5
9,5
-2,6
8,4
0,2
|
1,5
0,8
-5,3
-5,8
- 6,0
5,0
-0,6
|
-0,5
1,5
-6,4
- 8,4
-5,9
2,5
0,0
|
0,75
1
- 0
1
- 1
3,5
0
|
Domestic demand
Exports
Imports
External balance of goods and services (GDP growth contribution)3)
|
1,8
13,7
10,5
1,0
|
-0,8
5,0
1,0
1,4
|
- 1,3
2,9
-1,3
1,5
|
0,5
4,5
4
0,5
|
Gross domestic product (real growth)
|
2,9
|
0,6
|
0,2
|
1
|
Price trend (1995 = 100)
Consumption spending by private households4)
Domestic demand
Gross domestic product5)
|
1,5
1,2
-0,3
|
1,9
1,4
1,4
|
1,4
1,1
1,8
|
1,5
1,5
1,75
|
DISTRIBUTION of gross national income
(residence concept)
Compensation of employees
Income from self-employment and property
National income
Gross national income
|
3,9
- 0,2
2,7
2,8
|
1,9
0,2
1,5
1,7
|
1,0
4,2
1,8
2,1
|
2
3,5
2,5
3
|
For information (residence concept):
Employees
Total gross wages and salaries
Per employee
Disposable income of private households
Savings ratio in %6)
|
1,8
3,5
1,7
2,9
9,8
|
0,3
2,2
1,9
3,8
10,1
|
-0,8 0,9
1,7
1,0
10,3
|
-0,5
2
2,5
2
10
|
1) Up to 2002 provisional results of the Federal Statistical Office; National Accounts status: January 2003
2) In relation to all gainfully-employed persons
3) Absolute change (inventories/external balance) in per cent of pre-year GDP (= GDP growth rate contribution)
4) Cost of living: 2002 + 1,3 %; 2003: around + 11/2 %
5) Unit labour costs 2002: + 0,9 %; 2003: + 1 %
6) Saving in per cent of private households' disposable income including occupational pension claims
Source: Federal Ministry for Economics and Labour (2003): Annual Economic Report 2003, Berlin/Bonn, p. 8.
|
1992
|
1993
|
1994
|
1995
|
1996
|
1997
|
1998
|
1999
|
2000
|
2001
|
2002
|
Unemployment rate
|
7.7
|
8.9
|
9.6
|
9.4
|
10.4
|
11.4
|
11.1
|
10.5
|
9.6
|
9.4
|
9.8
|
Source: Federal Ministry for Economics and Labour (2003): Annual Economic Report 2003, Berlin/Bonn, p. 31.
In 2001 (2. half) the GDP fall had been greater than expected (decline of - 0.3 % rather than - 0.1 %). The first half of 2002 witnessed a slight lift in economic performance also driven by the recovery in the world economy. Nevertheless, late that year, the improvement in growth had failed to go on. Reasons were according to the German government the Middle East crisis and the deterioration in the outlook in the USA.
Shares dropped over the past two years and the fiscal stabilisation efforts had a depressing effect on the economic cycle. Additionally, the expenditure of GDP in terms of consumer spending decreased by 0.5 %; while the projection for 2002 had supposed a rise of around 1 %. Higher prices in certain sectors (esp. hotels, catering and services) were perceived as a result of the introduction of euro notes. Thus, consumer purchase fell notably. Wages rose less and employment developed less favourably than expected by the 2002 forecasts. Thus also purchasing power of private households expanded less than foreseen. A decline in investment in plant and equipment and a continuation of the recession in the construction sector were to be witnessed too (decline in investment in plant and equipment of 8.4 %; decline in construction of 5.9 %). The fall of investments in construction was caused by the decrease in overcapacities in the Eastern Länder and the weak domestic economic performance.
The growth of exports was more favourable (2.9 %). Parallel to this development the imports fell (- 1.3 %) caused by the weak domestic demand. The net foreign demand (contribution of foreign trade to GDP growth) was higher than expected beforehand (1.5 %).583
“Germany’s strengths
… important advantages enjoyed by Germany include:
– German companies are internationally competitive. This can be seen from the rise in world market shares in real terms. Germany’s market share of global exports has risen from 9 % in the mid-1990s to 10 %. 1
– Prices are stable in Germany. At an annualised rate of 1.3 %, Germany had one of the lowest inflation rates in the eurozone in 2002. 2
– Unemployment amongst young people remains comparatively low in Germany. In 2002, the unemployment rate of the under-20s stood at 5.4 %, well below the figure for the eurozone.3 One reason for this is the dual system of vocational training, which enjoys an exemplary international reputation.
– Much progress has been made in Germany on the deregulation of the network industries (telecommunications, electricity and gas). Germany is leading the way on this in Europe. This process results in substantial welfare gains for the consumer in the form of price cuts and quality improvements.
– Environmental protection has emerged over the last two decades as an important business and competitiveness factor in Germany. In 1998, at least 1.3 million jobs were related to environmental protection (around 3.6 % of all employees). The expansion of renewable energy in particular has resulted in the development of new branches of industry and the safeguarding of existing and the creation of new jobs.
– Germany is a pioneer on protecting the climate. In the 1990 to 2001 period, Germany cut its greenhouse gas emissions by 18 %. Only three more percentage points separate Germany from the climate protection objective of 21 % as agreed under the Kyoto Protocol.
Sources: 1 Deutsche Bundesbank, 2 Federal Statistical Office, 3 Federal Labour Office“ 584
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Show the impact of these changes on macroeconomic variables that influence competitiveness (real and nominal interest rates; etc.) for the last 20 quarters.
The interest rates sank from 2.57 % in January 2002 to 1.22% in July 2003. Interest payments/taxation rate at Federal level witnessed an increase from 12.5% in 1991 to approximately 19.0% in 2003 underlining the general economic trend. The labour rose by an average of 2.8% from 1992 to 2001 and the real unit labour were relatively unstable (varying from -0.1 in 1999 to 1.2 in 2000, cf. table Main Features of country forecast - GERMANY585). “Comparing the growth rates of collectively agreed pay and actual pay, since the 1990s Germany has constantly been affected by 'negative wage drift' …. The main reasons for the negative wage drift are a reduction in the level of extra payments awarded at company level and a decline in collective bargaining coverage”586.
Interest Rates
|
%
|
Changes in relation to the previous year in %
|
2003 Jul
|
1,22
|
-50,6
|
2003 Jun
|
1,97
|
-23,3
|
2003 May
|
1,97
|
-23,3
|
2003 Apr
|
1,97
|
-23,3
|
2003 Mar
|
1,97
|
-23,3
|
2003 Feb
|
1,97
|
-23,3
|
2003 Jan
|
1,97
|
-23,3
|
2002 Dec
|
2,47
|
|
2002 Nov
|
2,47
|
|
2002 Oct
|
2,47
|
|
2002 Sep
|
2,47
|
|
2002 Aug
|
2,47
|
|
2002 Jul
|
2,47
|
|
2002 Jun
|
2,57
|
|
2002 May
|
2,57
|
|
2002 Apr
|
2,57
|
|
2002 Mar
|
2,57
|
|
2002 Feb
|
2,57
|
|
2002 Jan
|
2,57
|
|
Period: Jan. 2002 bis Jul. 2003 (last up-date: 27.06.2003)
Source: Bundesbank, http://www.bundesbank.de/presse/presse_zinssaetze.php
|
1991
|
1992
|
1993
|
1994
|
1995
|
1996
|
1997
|
1998
|
1999
|
2000
|
2001
|
20021
|
20032
|
Development of interest payments / taxation rate at Federal level (%)
|
12,5
|
12,4
|
12,9
|
14,0
|
13,6
|
15,0
|
16,1
|
16,4
|
21,4
|
19,7
|
19,4
|
19,3
|
19,0
|
1 Estimate
2 Projection
Source: Federal Ministry for Economics and Labour (2003): Annual Economic Report 2003, Berlin/Bonn, p. 28.
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