Industry / Germany
Price Impedes Potential
February 2007 | Industry ForecastThe German government remains fairly upbeat on economic growth. In 2006, full-year GDP growth stood at 2.4%. The negative effect of record oil prices, is set to see GDP growth in 2007 fall to 1.0%, although BMI is forecasting an improvement to 1.4% in 2007. Regardless of reasonable economic stability, grocery retail sales in the country continue to be influenced by German consumers' strong price consciousness, which has been even further emphasised by continuing high oil prices and wage growth being virtually at a standstill. Unemployment, despite having been trending downwards, to 10.5% in June 2006 from 11.5% in June
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