20 May 2011 19:28 [Source: ICIS news]
The Bundesbank said after a “sparkling start” into 2011, with 1.5% sequential first-quarter growth, the recovery in
In many industries, firms are running at high capacity utilisation, prompting them to invest and employ additional staff, it said.
Meanwhile, a strong labour market and higher wages in many sectors, including the chemicals industry, are encouraging consumers to purchase big-ticket items, thus strengthening private consumption.
However, the wage hikes are partly offset by rising inflation on the back of high oil prices, the bank added.
Research institutes expect 2.8% year-on-year GDP growth this year in Germany, according to the latest forecasts.
In related news, a German chemical trade group this week doubled its full-year 2011 forecast for
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