Positive Growth in Germany Service Sector, Industrial Orders

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Mar 07, 2023, 09:53 ET

The Federal Statistics Office has published some surprisingly good numbers for German services and manufacturing in 2022 and early 2023.

BERLIN, March 7, 2023 /PRNewswire/ -- (GTAI) – Hefty growth in services and a possible upward trend in industry – that's the news coming out of Germany's official government body for economic and other statistics.

The Federal Statistics Office reported an increase of service sector turnover of 9.2 percent for 2022 compared with 2021. The new numbers represent a 3.7 percent increase on 2019, the last year before Covid in Germany. They were also the highest recorded since time series of such figures began to be collected in 2015.

"The positive trend documented by the Federal Statistics Office indicates both full recovery from the pandemic downswing and the abiding, long-term strength of this area," says Germany Trade & Invest (GTAI) Digital and Service Industry Director Marc Rohr. "This is good news for companies in the sector looking to expand to Germany."

There was also some good news from German industry, which showed a one-percent month-on-month rise in January 2023. The strength of orders from outside Germany fueled the increase.

"The higher number of new orders is welcome and shows that goods produced in Germany are in demand both at home and abroad," says GTAI Senior Manager of Business Investor Services Thomas Bozoyan. "Companies that manufacture products in Germany have adapted to current difficulties. Of course, volume is still down on last year, but the situation is clearly stabilizing."

Germany Trade & Invest (GTAI) is the economic promotion agency of the Federal Republic of Germany. GTAI supports German companies setting up in foreign markets, promotes Germany as a business location and assists foreign companies setting up shop in Germany.

Contact:

Jefferson Chase
Senior Manager, Communications
Germany Trade & Invest
Friedrichstraße 60
10117 Berlin
+49 30200099170
[email protected]

SOURCE Germany Trade & Invest