Leather bucks the trend

摘要

Despite its 'economic powerhouse' reputation, Germany has felt the chill wind of recession more than most countries in the developed world over the past two years. In the previous World Leather Germany survey (June/July 2001), GDP growth for 2002 was conservatively forecast at 2% - the country having posted its strongest economic performance for a full decade in 2000. However, that expansion is now likely to amount to no more than 0.5% for the full year and is expected to struggle to reach 1% in 2003. With over four million people of out of work, Germany also has one of the worst rates of unemployment in Europe while consumer spending has all but evaporated. Given the positive tone of our previous survey, the question should surely be asked; how could things go so awry, so quickly?