After Germany recorded 0.8% year-on-year economic growth in the second quarter of 2017, leading analysts came out in praise of a national economy that has thrived in trying times. “Germany’s economic success story goes on and on and on,” ING Bank analyst Carsten Brzeski told Reuters in August. While imports were slightly up, a spike in domestic demand for local products means that Europe’s largest economy continues a bull run that shows little sign of abating. By comparison, the British economy grew by 0.3% in April-June. With an annual growth rate of 2.1% and the lowest unemployment rate for 26 years (3.9%), no wonder leading local German manufacturers like BSH have seen signi cant increases in both turnover and staf ng levels in recent years. BSH Hausgeräte GmbH, the conglomerate that manufactures both Bosch and Siemens home appliances, achieved a new revenue record of €13.1bn in 2016. While the market for home appliances grew by only 0.5% worldwide, BSH was able to achieve growth of 3.5% (7.1% adjusted for currency effects). The home appliance manufacturer thus not only reaf rmed its position as the market leader in Europe, but also underscored its position as the world’s number two appliance maker.
GERMANY’S ECONOMIC SUCCESS STORY GOES ON AND ON AND ON …
Meanwhile, Miele, the premium domestic appliance brand achieved a turnover of €3.71bn in the 2015/16 nancial year, a €224m, or 6.4%, increase on the previous year. “Miele has once again attained its strategic goal of growing steadily and sustainably, notwithstanding economic cycles,” said Miele in its annual business report.
Mirroring the continued growth and resilience of the German economy, Miele and BSH are not the only success stories, as all other major players in the local household appliance sector are also enjoying excellent results. With Germany continuing to transcend the economic stagnation effecting most of the EU – its GDP grew at its highest rate in ve years (1.9%) in 2016 – local household appliance and consumer electronic sectors are set maintain upward momentum in 2017 and beyond.