Wholesaling (Germany):
Stable business climate

In wholesaling the share of positive assessments of the business situation increased somewhat. This is due to the very favourable development in the industrial B2B market and in durable consumer products, whereas other areas experienced a weakening. With regard to future developments, the enterprises expressed more scepticism than in previous months, with the exception of industrial B2B trade. But on average optimism and pessimism were balanced out. Since wholesalers have managed to further reduce their inventories, firms are planning to expand their orders. Perceptible price increases are anticipated. Also the eastern German wholesalers again assessed their present business situation favourably. The confidence in business expectations weakened only insignificantly. Ordering plans are still expansive but not on such a wide scale as in August. The responses indicate a continuation of price increases, as in the west.