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Contributions by Dr Jörg Zeuner, Chief Economist of KfW

(Older entries only available in German)

Current comments

28-09-2018 | German labour market

“The economic upturn in Germany will continue to be driven by domestic demand. We owe this above all to stable employment growth and income increases. But there are plenty of latent risks – mainly the threat of a broad international trade dispute. We have therefore lowered our economic forecast for this year to a still very respectable 1.8 %. I also expect the labour market to lose some of its momentum in the second half of the year. For 2018, I expect the number of people in employment to rise by 500,000. This would set a new all-time record of 44.8 million. Wages and salaries are rising more sharply in 2018 than in the previous year due to the increasing shortage of skilled workers. Despite increased inflation, real wage growth is expected to be above 1 %. The number of unemployed people is likely to fall by almost 200,000. The unemployment rate will then only be 5.3 %, the lowest since 1981. The greatest risk for the further upswing in the labour market is currently the increasing shortage of skilled workers." (Dr Jörg Zeuner)

 Kredite an nicht-finanzielle Kapitalgesellschaften
Chief Economist of KfW Dr Jörg Zeuner

Further comments


KfW Research, KfW Group, Palmengartenstrasse 5-9, 60325 Frankfurt, Germany,


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