ARZNEIMITTELVERORDNUNGSREPORT 2011 PDF

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Thus, a significant part of the current account surplus in recent years reflects disinvestment by non-residents, rather than German capital exports as it was the case in the past Graph 1. Two of the main factors holding back public investment are staff shortages and a lack of engineering expertise; funding is less of a problem. Health expenditure as a percentage of GDP, Though investment in machinery and equipment has increased to pre-c risis levels, as a share of GDP it remains subdued.

However, unlike in most other European countries, that the German employers pay a smaller share Inthe government surplus reached 0. The availability of later rounds of financing at the capital-intensive scale-up phase, on the other hand later stage venture capital and growth financing is still very subdued and is considered a constraint on the growth of domestic start-ups EFI, As both household and corporate indebtedness decline slightly as percentage of GDP, passive deleveraging continues despite Germany’s private sector debt being amongst the lowest in the euro area.

Moreover, Germany has the second widest gender pension gap in the EU As a result, corporations, whose indebtedness is among the lowest in the euro area, contributed to the slight reduction in the savings surplus.

The Alert Arznemittelverordnungsreport Report European Commission, d concluded that a new in-depth review should be undertaken for Germany to assess developments relating to identified imbalances.

Estimates that take account of official statistics on construction costs per square arzneimittelverordnungsrepogt suggest that closing the gap would imply increasing residential investment by 0. Different CSR assessment categories. The private investment arzneimuttelverordnungsreport of GDP seems to be rising mainly on account of housing investment, driven by both real increases and price inflation Graph 4.

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General government budget balance and gross debt. The relatively high level and complexity of corporate taxation and high tax administration costs remains a key barrier. Particularly strong credit growth for longer maturities may indicate a more positive outlook for companies. 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.

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So far, no far-reaching reform measures have been taken to stimulate competition in business services. The Funds invest in coaching for people with a distance to the labour market which in turn helps enhance the overall labour market participation with specific measures aimed at improving the job prospects of older workers.

The lack of sufficient scale-up capital is considered to be an impediment to the growth of domestic start-ups. Investment appears to be strongly concentrated in only a few sectors, with often fewer than half of the companies in those sec tors investing in intangible assets Belitz et al.

The German health arzneimittelverordhungsreport is performing well, although it is costly and there is scope for efficiency gains. Investment in housing has picked up since but indications are that it still needs to catch up with rising housing needs. The adaptation of electricity networks to renewables production in Germany is progressing, but at a slow pace, and significant investment in transmission and distribution qrzneimittelverordnungsreport remains outstanding.

By the end ofGermany has signed agreements for EUR 2. Mini-jobs provide flexible arrangements for people who want to work a limited number of hours, but also create lock-in effects.

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The steady rise in the at-risk of poverty rate and inequality seen arzneimittelverordnungsreort the crisis slightly reversed. Apart from the standard population arzneimitte,verordnungsreport, there are some specific features characterising the German age distribution. 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.

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This represents an acceleration from 3. Portfolio investments, in particular in foreign debt instruments, which typically are of a relatively short-term and speculative nature, have been the main foreign investment outlet, accounting for the bulk of net capital exports. The positive demand outlook and high capacity utilisation are expected to boost investment. The German labour market is performing well on aggregate, with strong employment growth and low unemployment.

The increase in government revenue by around 2. Those reforms may also have pushed up private savings, as they strongly incentivised old-age provision.

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Investment in intangible assets has continued to gain importance on aggregate, but disparities across sectors and firm sizes are persistent. Real public investment growth turned positive inafter showing negative growth rates arzneimittelverordnungsreporf the years befor e.

Private sector deposits grew 3. As a result, the adjusted German arzneimittelverordnungsrepoet of the life cycle savings pattern appears structurally higher acr oss all age cohorts than what one would expect in the light of standard theory.

This decrease was driven mainly by a decrease in transport fuel taxes. Public investment has picked up, though budget projections indicate arzneimittelverordnkngsreport under EU and national fiscal rules for further increases.

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Price heterogeneity across regions has increased strongly, especially in and around the major urban centres. Staff reductions in recent years, particularly at municipal level, have contributed to a loss of skills and the capacity to plan, organise and manage investment projects, particularly relatively large-scale ones. Arzneimittelverorxnungsreport lack of north-south internal lines strains the electricity tra de with Germany’s neighbours, as domestic congestion tends to be pushed to the borders.