ARZNEIMITTELVERORDNUNGSREPORT 2011 PDF

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Country Report Germany Including an In-Depth Review on the prevention and correction of macroeconomic imbalances. Economic situation and outlook. Progress with country-specific recommendations.

Summary of the main findings from the Macroeconomic Imbalances Proced ure in-depth review. Labour market, education and social policies. Macroeconomic Imbalances Procedure Scoreboard.

Key economic and financial indicators — Germany. Summary table on CSR assessment. MIP assessment matrix — Germany. Financial soundness indicators, all banks in Germany.

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Arzneimittelverordnungsrepoft Social Scoreboard indicators. Labour market and education indicators. Social inclusion and health indicators. Product market performance and policy indicators. Demand components of GDP growth. Contributions to headline inflation. Determinants of household disposable income. Current account and component balances. Balance of goods by broad economic category. Current account balance and components of the financial account. Factors explaining the current account surplus.

General government budget balance and gross debt. Tax wedge – Overall multiannual implementation of CSRs to date. Government balance and trends i n selected revenues and expenditures. Taxes by economic function. Annual change of different household loan categories. Funding sources of non-financial corporations.

Phillips curve in Germany: Trends in labour costs and its components. Employment rate by citizenship. Gini coefficient and poverty risk. Dependency ratios population forecast and savings rates of DE.

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Savings rates by age groups — measured in Gross fixed capital formation in the private sector. Potential growth and contributions. Gross fixed capital formation in the public sector. Net public investment by level of gover nment. Net capital stock by type of activity.

Venture capital investment market statistics in Tangibl e results delivered through EU support to structural change in Germany. Monitoring performance in light of the European Pillar of Social Rights. The introduction of the general minimum wage. Investment challenges and reforms in Germany. Boosting public and private investment, where gaps have been clearly identified, can help maintain the efficiency of the capital stock and raise productivity to prepare for future challenges such as new digital business models, low-emission transport and decentralised renewable energy product ion.

Better involvement of the underrepresented groups in the labour market can help address the looming shortage of skilled labour stemming from demographic change. Boosting investment and expenditure in education, including lifelong learning, and in rese arch and development are also key in raising long-term growth potential. The German economy showed robust growth indriven by domestic demand. Real GDP growth was at 1.

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Underpinned by the continued economic expansion, unemployment fell to a record low of 3. Employment growth continued, with the employment rate reaching Despite record low unemployment and high job vacancy rates, wage growth remains moderate.

The positive output gap and high capacity utilisation are expected to spur investment. Inflation rose from 0. The budget balance continues to improve, while government debt remains on a downward path. Inthe government surplus reached 0. The budget is expected to remain in surplus in headline and structural terms in and as well.

The gross debt-to-GDP ratio is set to fall further from Given its economic importance and strong integration in EU value chains, Germany is a source of potentially significant spillovers to other EU countries. It would also stimulate demand and GDP growth in other EU countries, including those that need to bring debt down.

Germany has made limited progress in addressing the country-specific recommendations. Limited progress has been made towards achieving a sustainable upward trend in public investment, including public spending on education, research and innovation. Some progress has been made in addressing capacity and planning constraints on infrastructure investment.

There has been limited progress towards stimulating competition in the business services and regulated professions, reducing disincentives to work for second earners and helping them to move into standard employment, promoting higher real wage growth, and reducing the high tax wedge for low-wage earners. No progress has been achieved in making the tax system more efficient and conducive to investment.

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However, it is unlikely to arnzeimittelverordnungsreport its national indicative energy efficiency and climate targets by Germany performs relatively well on the indicators of the Social Scoreboard supporting the European Pillar of Social Rights.

It has very low unemployment but a large gender employment gap. Strong social dialogue and a relatively advanced welfare model underpin Germany’s competitive economy. The main findings of the in-depth review set out in this report, and the related policy challenges, are as follows: Arzneimittelverordnungsrepoft domestic demand is expected arnzeimittelverordnungsreport keep import arzneimittelverordnubgsreport above export growth, further easing the current account surplus.

The domestic saving-investment imbalance, which has been growing sincemay have reached a turning point in However, the factors keeping investment low relative to savings remain in place. Rising income inequality, linked to demographic and labour market changes, may have constrained private consumption and increased the trade balance. In addition, population ageing and concerns about arzneimittelverordnunsgreport adequacy of future pension levels and old-age poverty could explain a rise in domestic savings.

According to economic theory and model e stimates, the demographic transition is currently pushing up the current account surplus by a substantial amount, but should lower savings in the long run. Housing seems to account for most of the increase in private investment, while investment in non-residential construction is slow to pick up. Though investment in machinery and equipment has increased to pre-c risis levels, as a share of GDP it remains subdued.

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However, it is largely concentrated in medium-high tech sectors and in larger firms, while small and medium-sized enterpr ises and the services sector in general are tending to under-invest. This explains large productivity gaps between manufacturing and services, which are likely to dampen potential growth.

Despite favourable financing conditions, non-financial corporations remain net lenders. Barriers to investment include demographic trends resulting in shortages of skilled labour, taxation and administrative arzneimittelvreordnungsreport, regulatory restrictiveness in the services sectors and the shortfall in very-high-capacity broadband. Real public investment growth turned positive inafter showing negative growth rates in the years befor e.

This improvement reflects government efforts to boost investment. The biggest shortfalls are in education, where the nationa l spending araneimittelverordnungsreport has not been met, and in infrastructure. Investment in publ ic infrastructure is still held back by capacity and planning constraints at municipal level. Measures to overcome these have yet to show results. In addition, there is scope for enhancing digital public services and improving public procurement.

Only a comparatively small proportion of German territory is covered by fibre-based access networks. Instead, upgrading existing copper cable networks continues to be the dominating incumbent’s preferred technological solution. However, many services rely on very high connectivity. Lack of such connectivity holds back investment, especially by small and medium-siz ed businesses, many of which are located in semi-rural and rural areas.

There is a relatively strong emphasis on arzneimittelverordnungsrfport distortive direct taxes, notably on arznneimittelverordnungsreport income, while revenues from consumption and environmental taxes are lower. Household income and consumption are restrained by the high tax wedge on labour, especially for low earners. The statutory corporate tax rate is amon g the EU’s highest.

Taxes on inheritance and gifts allow large-scale transfer of wealth from one generation to the arzneimittelvefordnungsreport and preserve the high wealth inequality. Healthcare efficiency could be improved by better integrating primary, ambulatory specialist an d arzneimittelvrrordnungsreport care and making better use of eHealth.

Nationally aggregated profitability seems low, and ongoing consolidation arzndimittelverordnungsreport improving efficiency relat ively slowly. Still, capitalisation ratios are satisfactory, and the non-performing loans’ ratio is low, in the context of a relatively small loan stock, particularly for non-financial corporations.