Category: germany
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Establishment of larger businesses declines by 5.5% YoY in Q1 2023 in Germany
According to the Federal Statistical Office (Destatis), the number of larger businesses established in Germany in the first quarter of 2023 decreased by 5.5% compared to the same period in the previous year. Roughly 33,100 businesses were established in the country during this period, which were of greater economic importance in terms of their legal…
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Germany’s trade with China drops by 10.5% YoY in Q1 2023, valued at 64.7 billion euros
German trade with China in the first quarter of 2023 declined by 10.5% compared to the same period last year, according to a press release by the Federal Statistical Office (Destatis). Despite this, China remained Germany’s most important trading partner, with a trade volume of 64.7 billion euros. Motor vehicle exports to China also decreased…
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Germany’s Producer Prices of Agricultural Products Rise 1.1% YoY in March 2023, Driven by 13.1% Increase in Animal Product Prices as Grain Prices Dip 30.4% YoY
The Federal Statistical Office (Destatis) has released its latest report on producer prices of agricultural products in Germany, revealing that prices increased by 1.1% in March 2023 compared to the same month in the previous year. This marks a significant slowdown in the year-on-year change rates seen between November 2021 and February 2023, which all…
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Germany Launches Second Round of Funding for National Bike Network
The Federal Ministry of Digital and Transport (BMDV) has announced a second funding round of up to €100 million for the expansion of the Radnetz Deutschland, the national bike network. The program is being implemented by the Radnetz Deutschland office at the Federal Office of Logistics and Mobility. According to Dr. Volker Wissing, the Federal…
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Germany accelerates solar energy expansion with new strategy and legislation
Germany aims to increase the expansion of solar energy with the Photovoltaic strategy presented by Federal Minister of Economics Robert Habeck at the Photovoltaic Summit. The strategy includes measures to accelerate planning and approval processes for open-space solar power plants, promote roof-mounted solar panels in commercial and multi-family buildings, and strengthen the involvement of communities…
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Service Sector Turnover Increases by 0.9% in Germany in February 2023
The service sector in Germany saw a 0.9% increase in real turnover in February 2023 compared to the previous month, according to provisional data from the Federal Statistical Office. In nominal terms, turnover increased by 0.7%. Compared to February 2022, real turnover increased by 6.5%, while nominal turnover increased by 6.7%.
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Manufacturing new orders drop by 10.7% in March 2023, largest decline since April 2020
German manufacturing sector has witnessed a decline in new orders in March 2023, as per the provisional results released by Federal Statistical Office (Destatis). The new orders dropped by 10.7% on a seasonally and calendar-adjusted basis as compared to February 2023, which is the highest decline since April 2020. The orders were down by 11%…
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Germany Sees 3.6% Increase In Online Bookings For Tourism In 2022
New data shows that in 2022, 38.6 million overnight stays were booked in Germany through the online platforms of Airbnb, Booking.com, TripAdvisor, and Expedia, which is 3.6% more than in 2019 before the COVID-19 pandemic. These figures were provided by Eurostat, the Statistical Office of the European Union. The Federal Statistical Office published the data…
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Germany’s Chancellor Scholz kicks off construction of Infineon semiconductor factory in Dresden to support green energy revolution
Infineon, a leading semiconductor manufacturer, has announced plans to build a new semiconductor factory in Dresden, Germany, with the support of the European Union’s (EU) “European Chip Act” initiative. The new factory will produce chips for electric vehicles, wind turbines, solar panels, and other renewable energy technologies. The German Chancellor, Olaf Scholz, has described semiconductors…
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German Chancellor Scholz discusses future of economy and work with craftsmen at Future Forum
At the “Zukunftsforum Wirtschaft – Arbeit – 2030,” Chancellor Scholz discussed with representatives of the crafts industry in Saxony how to maintain a strong industrial and craft industry in Germany. He emphasized the need to eliminate or change more regulations to enable new developments faster. The discussion also focused on the challenges posed by the…
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Successful Nine-Month Mission: Luftwaffe Completes Air Policing Baltics Deployment
The German Air Force participated in the NATO Baltic Air Policing mission for nine months, protecting the Baltic airspace and the eastern flank of the alliance. The mission involved up to five German Eurofighters stationed at the Ämari Air Base in Estonia, ready for quick response and interception of unknown aircraft near the NATO airspace.…
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Retail turnover in Germany drops by 2.4% in March 2023 on a monthly basis; food retailing hit hardest with largest decline since 1994.
Retail turnover in Germany saw a decline of 2.4% in real terms and 1.3% in nominal terms in March 2023 compared to the previous month. Compared to March 2022, there was an 8.6% decline in real turnover and a 0.2% decline in nominal turnover. Food retailing experienced its largest year-on-year decline in turnover since 1994.…
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Germany experiences a sharp 19% increase in labor migration in 2022, with over 351,000 foreign workers registered for employment purposes.
The number of non-EU temporary residents with employment purposes in Germany increased by 19% in 2022, with over 351,000 people registered in the Central Register of Foreigners. The EU Blue Card was the most common type of residence title for temporary labour migration, and there was a 44% increase in skilled foreign workers with vocational…
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German city heats entire neighborhoods with affordable and reliable deep geothermal energy
In Schwerin, Germany, households will be supplied with heat from a depth of 1,300 meters using a deep geothermal energy plant that Chancellor Olaf Scholz inaugurated. This project uses Earth’s natural heat to generate reliable, cost-effective energy that is available all year round, regardless of the weather. Scholz emphasized that deep geothermal energy is a…
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German Government Introduces New Building Energy Law to Encourage Environmentally-Friendly Heating
Germany’s new building energy law mandates that newly installed heating systems should run on at least 65% renewable energy from January 1, 2024. Existing heating systems can continue to operate and be repaired. The law has generous transition periods and exceptions, a strong social balance, and extensive funding. The move is part of a larger…
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Germany’s Education, Science and Research Expenditure Reaches €351 Billion in 2021, Accounting for 9.8% of GDP.
Public budgets and private sector in Germany spent approximately 351.3 billion euros on education, science, and research in 2021, which is a 5% increase compared to the previous year. The expenditure accounted for 9.8% of the gross domestic product (GDP) in 2021, which is similar to the preceding year but higher than in 2019 before…
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German Producer Prices for Industrial Products Up 7.5% YoY, Down 2.6% MoM in March 2023: Preliminary Data from Federal Statistical Office
This press release from the Federal Statistical Office (Destatis) provides preliminary results on the producer prices for industrial products in Germany for the month of March 2023. According to the release, the index of producer prices for industrial products increased by 7.5% compared to March 2022. However, it is a decrease of 2.6% compared to…
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Germany’s New Building Energy Law to Require 65% Renewable Energy for New Heaters from 2024
The German government is taking steps to promote the use of renewable energy in heating systems by implementing a new building energy law that will require newly installed heating systems to be powered by at least 65% renewable energy sources starting from January 1, 2024. Existing heating systems will not be affected and can continue…
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Chancellor Scholz to Attend Second North Sea Summit to Boost Renewable Energy Production
Chancellor Scholz is scheduled to attend the second North Sea Summit in Ostend, Belgium on April 24, 2023. The meeting will be hosted by Belgian Prime Minister Alexander De Croo and will be attended by heads of government of Denmark, the Netherlands, Belgium, Germany, and the President of the EU Commission, as well as heads…
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German exports to non-EU countries decline by 4.4% in March 2023
In March 2023, German exports to countries outside the European Union (third countries) decreased by 4.4% compared to the previous month. However, exports to third countries increased by 8.0% compared to the same month last year. The calendar and seasonally adjusted value of German exports to third countries in March 2023 was 59.3 billion euros,…