This are really starting to look tuff. Note the bold at the bottom.
Stan
Tuesday, 27 November, 2001, 17:31 GMT
Germany 'is already in recession'
news.bbc.co.uk
Finance Minister Hans Eichel has resisted stimulus calls
Germany is already in a recession, and things will get worse later this year, a leading economic think-tank has said.
"Germany is in recession, there is no doubt about that," said Hans-Werner Sinn, president of the influential Ifo economic institute.
German job cuts this year
DaimlerChrysler: 26,000
Siemens: 15,000
Hypovereinsbank: 9,700
Deutsche Post: 7,500
Deutsche Bank: 7,100
Deutsche Bahn: 6,000
Infineon: 5,000
BASF: 4,000
Bayer: 4,000
Degussa: 4,000
MAN: 4,000
Commerzbank: 3,400
Henkel: 3,000
Volkswagen: 3,000
Dresdner Bank: 2,800
Adam Opel: 2,500
Epcos: 750
During the July to September quarter, German gross domestic product (GDP) fell by 0.1%, and Mr Sinn said he expected a further reduction in the last three months of the year.
Mr Sinn's remarks come the day after the Bundesverband der Deutschen Industrie (BDI), Germany's leading industry association, also admitted that a recession was a reality.
And they came as industry association BVB said the German construction sector had shed 150,000 jobs this year, with a further 80-90,000 set to disappear in 2002. |
