Recruit in Germany Bulletin March 2017
Listed Under: News & Bulletins
Welcome to our March 2017 Recruiting in Germany Bulletin.This latest update indicates a continued demand for key skills in Germany, and we highlight some of the economic key trends leading commentators are predicting.
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Economic Commentary - what they are saying
GERMAN ECONOMIC INDICATORS IN MARCH 2017
According to the interim economic outlook for March offered by the OECD (Organisation for Economic Co-operation and Development), German economic growth is expected to remain strong at 1.8% for 2017. This estimate represents an upward revision of 0.1%, as compared to its November outlook of 2016.
The Commerzbank, the second-largest bank in Germany, raised its forecast for Germany’s GDP growth to 1.6% in March, exceeding its previous estimate of 1.3%.
The manufacturing PMI (purchasing managers’ index) stood at 56.8 in March, as compared to 56.4 in January, beating the market estimate of 56.0.
All in all it seems relative business as usual with the outlook for the German Economy looking positive moving forward.
Exports from Germany rose 11.8 percent from a year earlier to EUR 98.9 billion in February of 2017. There seems a higher demand for ‘Made in Germany’ goods from a number of emerging markets such as China, Brazil, Russia and India. Germany's exporters have stepped on the gas, as exports, as well as imports, surged in the first quarter of 2017, a further sign of accelerating activity in the German Economy.
The consumer confidence indicator, as reported by the GFK Group, fell to 10.0 in March, as compared to 10.2 points in February. Consumer sentiment has dropped slightly, with consumers becoming worried about global uncertainty, in part stemming from the Trump administration’s protectionist measures.Meanwhile, the expectation of future income rises has declined due to increasing inflation.
Consumer price inflation jumped in March to 2.2%, as compared to 1.9% in February.
ELECTION IN GERMANY in 2017
The 2017 German presidential election was held on 12 February 2017. The election selected Frank-Walter Steinmeier, the former foreign minister, as the new President of Germany. He began his new role this week.
The Federal election in Germany will take place on Sunday, September 24.
According to the latest opinion polls Germany’s centre-left Social Democrats (SPD) party headed by Martin Schulz has overtaken Chancellor Angela Merkel’s conservative Christian Democrat Union (CDU)
Polls seem to suggest the SPD gained 1% support in March to climb to 32%, just ahead of the CDU on 31%. The far-right Alternative for Germany (AfD) would be the third biggest party if elections were held now, polling steady at 11.5%.The far-left „Die Linke“ would gain 8.5% of the votes and the Greens and the centre-right Free Democrats 6.5% each.
The popularity of the SPD has been rising since Martin Schulz, former president of the European Parliament, was named its candidate to take on Merkel in a bid to become the country’s chancellor in the September election.
Compiled March 2017 *