Slight sales growth in wholesaling – investment spending continues to decline

With a sales drop of nominal -3.4% and real -2.7%, German wholesaling was also faced with a clear minus in 2002 compared with 2001. In December 2002 a more favourable trend began that has been confirmed by the course of business in 2003. According to official business statistics, sales in wholesaling (without trade of motor vehicles) increased nominally by 0.9% from January to June 2003; on average for the year a sales growth rate of nominally 1% is expected. As the Ifo Investment Survey in wholesaling in 2003 reveals, the enterprises aim to reduce their investment spending again. The quantified plans show a decrease in the investment spending in 2003 by more than 10% to approximately €7.3 billion. This means a further drop of the investment ratio of 1.3% to 1.1%, but this value is still a little above the level of the 1980s (1.0%).