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Germany’s Economy Chart Book

Carsten Brzeski and Inga Fechner

On the brink of recession?

September 2019

1. Key takeaways2. How is the German economy doing?3. Germany’s weak spots 4. External trade and the trade war5. What’s happening in the automotive sector?6. The German banking sector and its profitability 7. Housing market: Still too cheap or bubbly? 8. Migration and population9. Germany’s current political landscape10. What about Brexit?11. Digitization: Still in “Neuland”?

2

Germany’s Economy Chart Book

• The recent slowdown of the German economy has been a result of one-off, structural and external factors. Harsh winter weather, unusually high sick leave due to the flu, the timing of Easter, strikes and more recently, disruptions to commercial transport from low water levels, have all weighed on the economy. At the same time, Germany continues to suffer from a lack of investment in digital and traditional infrastructure and has seen hardly any significant new structural reform in the past 10 years. Add to that external uncertainties and the picture does not look too bright for the months to come. On a more positive note, fundamentals remain sound, interest rates are low and employment is at a record high.

• The future path of the economy clearly depends on which of these factors carries more weight. If one-off factors are mostly to blame, then a rebound of the entire economy looks plausible. If the problem is more structural, the German economy should be prepared for a long period of underperformance.

• Complacency is not an option. The German economy needs new investment and structural reforms. The recent announcement of a “Green Plan” is a good start but more is needed. As regards digitisation, Germany still has a long way to go before catching up with the global top performers. Improving the digital infrastructure is urgently needed. This is not only to get the German population up to speed but to ensure that German SME’s-the hidden champions- do not fall behind international competition.

Key takeaways

3

From stellar growth to the brink of a recession within less than a year. Germany needs more than good luck to return to Europe’s pole position

2018 2019 2020 2021

GDP growth 1.4 0.6 1.0 1.2

Inflation 1.9 1.5 1.4 1.6

Unemployment 3.4 3.4 3.4 3.4

Current account (% of GDP) 7.3 7.1 6.8 6.5

Government debt (% of GDP) 60.9 57.4 55.0 52.0

How is the German economy doing?

Still the strong man of Europe?

5

Source: Refinitiv Datastream, ING Economic & Financial Analysis

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

2008-2013 2014-2018

Average GDP growth (%)

DE Euro ex DE

Source: Refinitiv Datastream, ING Economic and Financial Analysis

GDP and economic sentimentQuarterly percentage changes

08 09 10 11 12 13 14 15 16 17 18 1970

80

90

100

110

120

100.6

-6

-4

-2

0

2

4

-0.1

GDP (%QoQ) Economic Sentiment Indicator (rhs)

Economic sentiment keeps deteriorating…

6


Germany - Ifo indexIndex, 2005 = 100

08 10 12 14 16 18

80

85

90

95

100

105

110

80

85

90

95

100

105

110

08 10 12 14 16 18-60

-40

-20

0

20

40

-60

-40

-20

0

20

40

HeadlineManufacturingServices


Germany industrial productionTwelve-month percentage change

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019-30

-20

-10

0

10

20

-30

-20

-10

0

10

20

-4.2

7

…with the industrial sector already in recessionary territory…

The industry sector has seen a complete reversal within the short period of one year

8

…and demand starting to falter

For a long time, supply side constraints have been the limiting factors to production. Now, demand is emerging as the main limiting factor

But the labour market remains strong…

9

The unemployment rate hit another post-reunification low. However, the labour market is losing steam

0

2

4

6

8

10

12

Jan-91 Jan-95 Jan-99 Jan-03 Jan-07 Jan-11 Jan-15 Jan-19

German unemployment rate (% of active labour force)


10

…with wages growing and many unfilled job positions

11

Lending conditions remain very favourable…

Credit growth to households and NFCs was broadly in line with nominal GDP growth

12

…and loans to corporates are on the rise


2005 2010 20150

5

10

15

20

25

30

0

5

10

15

20

25

30

2005 2010 2015

70

75

80

85

90

70

75

80

85

90

Equipment as limiting factorto production (index) Capacity utilisation (index)

But equipment is no longer a pressing factor limiting production

13

Germany’s weak spots

Investment has remained low…

15


-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

2008-2013 2014-2018

Investment in equipment and machinery(annual average growth, %)

Euro ex DE DE

…widening the gap with other eurozone countries…

16

Source: Eurostat, ING Economic & Financial Analysis

0

5

10

15

20

25

2008-2013 2014-2017

Investment ratio% of GDP

France Germany Italy Greece Spain Eurozone

The infrastructure is crumbling,…

17

Source: World Economic Forum Global Competitiveness Report, ING Economic & Financial Analysis

4

4.5

5

5.5

6

6.5

7

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Quality of roads(Value)

…digitisation could be expanded…

18

Source: European Commission

0

10

20

30

40

50

60

70

80

The Digital Economy and Society Index2019 ranking

Connectivity Human Capital Use of Internet Integration of Digital Technology Digital Public Services

19

…and female labour market participation remains low

28

29

30

31

32

33

34

35

Eurozone Germany Spain France Italy

Avg. number of usual weekly hours of work, female2018

Source: Eurostat

0

5

10

15

20

25

30

35

40

45

Eurozone Germany Spain France Italy

Avg. number of usual weekly hours of work2018

Female Male

External trade and the trade war

21

Germany’s main trading partners

China and the US are among Germany’s main trading partners, with China being the most important one (exports + imports)


0 50 100 150

USA

France

China

Netherlands

UK

Italy

Austria

Poland

Switzerland

Belgium

€bn

Top 10 export countries

0 50 100 150

China

Netherlands

France

USA

Italy

Poland

Czech Republic

Belgium

Switzerland

Austria

€bn

Top 10 import countries

Germany’s trade balance is high

22


-30 -20 -10 0 10 20 30 40 50 60

China

Netherlands

Belgium

Switzerland

Poland

Italy

Austria

France

UK

USA

€bn

Foreign trade balance with Top 10 export countries

2008-2013 2014-2018

23

Cars and car parts remain Germany’s most important export good

0 50 100 150 200 250

Electrical equipment

Computer, electronic and opticalproducts

Chemicals and chemical products

Machinery and equipment

Motor vehicles, trailers and semi-trailers

€bn

Top 5 export goods

Exports Imports

0 50 100 150 200 250

Crude petroleum and natural gas

Machinery and equipment

Chemicals and chemical products

Other goods

Computer, electronic and opticalproducts

€bn

Top 5 import goods

Imports

Source: Destatis, exports and imports (special trade) by division of the national Product Classification for Production Statistics 2018, preliminary results

24

How has the trade dispute impacted German exports?


US-Germany bilateral exportsTwelve-month percentage changes of 3-MMA

2008 2010 2012 2014 2016 2018-40

-30

-20

-10

0

10

20

30

-40

-30

-20

-10

0

10

20

30

US exports to Germany Germany exports to USSource: Refinitiv Datastream, ING Economic and Financial Analysis

China-Germany bilateral exportsTwelve-month percentage changes of 3-MMA

2008 2010 2012 2014 2016 2018-40

-20

0

20

40

60

80

-40

-20

0

20

40

60

80

China exports to Germany Germany exports to China

25

Many German cars are born in the USA

German carmakers produce more vehicles in the US than they export there

Yet, the US are the main buyers for German vehicles and motor vehicle parts

On a macro-level, no major impact on the EU economies is expected

26

-0.4

-0.3

-0.2

-0.1

0.0

Mex

ico

Cana

daHu

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ySo

uth

Kore

aLu

xem

bour

gIre

land

Germ

any

Slov

akia

Japa

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ech

Repu

blic

Net

herla

nds

EU28

Swed

enBe

lgiu

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stria

Pola

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lyN

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ina UK

Spai

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man

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ance

Aust

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Turk

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Braz

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Russ

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Lith

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land

Cypr

usCr

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Gree

ceUS

A

Effect of US unilateral auto import tariffs on GDP(import tariffs of 25% on cars, % of price-adjusted GDP)

Source: ifo Institut, May 2018 Source: ING Group Research

When looking at the macro picture, the impact of car tariffs on individual economies seems to be small.

What’s happening in the automotive sector?

- Around 2% of total employment is in the automotive industry

- Between 70% and 80% of automotives produced in Germany is exported

- Between 7% and 8% of the German economy is directly and indirectly linked to the automotive industry

- Roughly one third of all investments into R&D stems from the automotive industry

Benchmarking importance of cars to economy

28

29

Sharp drop in vehicle manufacturing, no longer due to one-off factors only


German motor vehicle manufacturingIndex, 2015=100, 1QMAV

2000 2002 2004 2006 2008 2010 2012 2014 2016 201850

60

70

80

90

100

110

50

60

70

80

90

100

110

WLTPintroduceed

Source: Refinitiv Datastream, Bloomberg

No longer one-off factors only

2018 201948

50

52

54

56

58

60

48

50

52

54

56

58

60

MARKIT PMI: Composite - Output: Germany (index)

Easter timing,euro strength blamed for

softer inflation

Cold winter weather,flu-related absences,

workers' strikes weigh onGerman industry

Numerous public holidaysdistort momentum

Protests hamper Frenchactivity;

low Rhine waterlevels disrupt logistics

Brexit, China risksweigh on sentiment

New carmakerregulations cause

bottlenecks

30

Export engine – the money is earned abroad

42% 41%39% 40%

43%

37% 37% 36% 35% 36% 35%37% 36% 35%

58% 59% 61% 60% 57%63% 63% 64% 65% 64% 65% 63% 64% 65%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Domestic turnover Foreign turnover

42% 41% 39% 40% 43%37% 37% 36% 35% 36% 35% 37% 36% 35%

24% 23% 24% 23%23%

22% 21%18% 16% 18% 18%

20% 21% 21%

34% 36% 37% 37% 35% 41% 42% 47% 48% 47% 47% 43% 43% 44%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Domestic turnover Turnover with Eurozone

Other foreign countries

Source: Destatis

31

Germany’s top 3 partners for exports and imports of motor cars

JP

TR

KR

KR

US KR

KRTR

JPTR

TRTR

JP

JP

US

CH KRJP

KRJP

KRTR

TR TR KR

KRKR

KR

MX

JP

JP

TR

MXJP

JP

JP

KR

MA

KRKR

KR

RU

RU

TW

JP KR

JPTR

JPKR

JPMA RU

JP

JP

JP

TRCH

RUJP

ZA TRTR

KRTR

KRXS XS

TRUS

CHUS

TRTR

TR KRTR

JPM

AKR

CHTR

USTR

0

20

40

60

80

100

Belg

ium

Bulg

aria

Czec

hia

Denm

ark

Germ

any

Esto

nia

Irela

ndGr

eece

Spai

nFr

ance

Croa

tiaIta

lyCy

prus

Latv

iaLi

thua

nia

Luxe

mbo

urg

Hung

ary

Mal

taN

ethe

rland

sAu

stria

Pola

ndPo

rtug

alRo

man

iaSl

oven

iaSl

ovak

iaFi

nlan

dSw

eden

Unite

d Ki

ngdo

m

Top 3 partners for extra EU-28 imports of motor cars by member state, 2018 (%)

First partner Second partner Third partner Other

US

MK

IL

FO

USRU

NG

MK

TR CH

BA US

EG

CN

BY

CNXS

LY

CH USTR

CN

TR XS

US

RU

USUSCH

TR

CH

IS

CN

CHCD

AL

US

DZ

AL

JP TH

RU

UA

TH

UA

EG

XSCH

UA

CH

ZA

BA

CN

CA

CN

CN

JPCH

TRN

OJP

CNUS

ILCH

NO

ME

CNN

Z UATJ

JPTR

SGUS

JPCH

ZAM

ACN

RUN

ON

O JP

0

20

40

60

80

100

Belg

ium

Bulg

aria

Czec

hia

Denm

ark

Germ

any

Esto

nia

Irela

ndGr

eece

Spai

nFr

ance

Croa

tiaIta

lyCy

prus

Latv

iaLi

thua

nia

Luxe

mbo

urg

Hung

ary

Mal

taN

ethe

rland

sAu

stria

Pola

ndPo

rtug

alRo

man

iaSl

oven

iaSl

ovak

iaFi

nlan

dSw

eden

Unite

d Ki

ngdo

m

Top 3 partners for extra EU-28 exports of motor cars by member state, 2018 (%)

First partner Second partner Third partner Other

Source: Eurostat

32

There still are growth islands for German carmakers

0

5

10

15

20

25

30

35

40

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Exports (in bn euro)

UK USA China East Europe

-0.6

-0.4

-0.2

0

0.2

0.4

0.6

0.8

1

1.2

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Exports, %YoY

UK USA China East Europe

Source: Destatis. East Europe = Poland, Czech Republic, Hungary. Motor vehicles, engines, bodywork, electronic equipment, other parts and accessories for motor vehicles

33

Domestic demand remains solid…


Car registrations and consumer sentiment in Germ

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018-30

-25

-20

-15

-10

-5

0

240

250

260

270

280

290

300

310

320

Consumer intention to make major purchases in the next 12M (balance, 1QMAV, rhs)New passenger car registrations (1YMAV)

thousand

…but structural change is already happening…

34

0

10

20

30

40

50

60

70

2014 2015 2016 2017 2018

Registration of new passenger cars in Germany (%-share)

petrol-powered diesel-powered alternatively-fuelled

Source: KBA

…even if the road ahead is long

35

Source: EAFO

0%

10%

20%

30%

40%

50%

60%

Market share of newly registered passenger electric vehicles in selected European countries in 2018

Battery electric vehicle Plug-in hybrid electric vehicle

Who wants to use car sharing?

36

Are you considering using car sharing within the next year?

Source: ING International Survey, 2018

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

18-24 25-34 35-44 45-54 55-64 65 oder älter

Yes, and will use it as my primary mode of transport I already use car sharing services as my primary mode of transport

Yes, but only in addition to my primary mode of transport I am already using car sharing in addition to my primary mode of transport

How about car sharing in Europe?

37

Are you considering using car sharing within the next year?

Source: ING International Survey, 2018

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Belgium CzechRepublic

Luxembourg Austria UnitedKingdom

Netherlands France Germany Poland Romania Spain Italy Turkey

Yes, and will use it as my primary mode of transport I already use car sharing services as my primary mode of transport

Yes, but only in addition to my primary mode of transport I am already using car sharing in addition to my primary mode of transport

What about Brexit?

No deal – Impact on Europe and Germany

39

0%

1%

2%

3%

4%

5%

6%

7%

8%

Goods exports to UK (as % of country's GDP)

2017 2018

• Belgium, the Netherlands and Ireland are particularly exposed to a ‘no deal’ Brexit given their importance in British supply chains.

• Around 60% of the UK’s marine trade with Europe* goes to either Netherlands, Belgium or France.

• While major European ports are reportedly fairly advanced in their preparations, fewer plans appear to have been made at UK terminals.

• The Netherlands is also the UK’s no. 1 source of Foreign Direct Investment from the EU, followed by Luxembourg and Germany.

Source: Refinitiv Datastream, ING Economic & Financial Analysis. *Gross tonnage

Is Frankfurt winning the battle for London’s bankers?

40

The German banking sector and its profitability

42

The number of credit institutions in Germany continues to fall…

3,578

1,783

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Credit institutions in GermanyNumber of institutions

Source: Deutsche Bundesbank

43

…and banks have seen better days regarding profitability

1Excluding the total assets of the foreign branches of savings banks, excluding the total assets of the foreign branches of regional institutions of credit cooperatives until 2015 and, from 2016, excluding the total assets of the foreign branches of mortgage banks.

0

0.5

1

1.5

2

2.5

2011 2012 2013 2014 2015 2016 2017

Net interest income (interest margin)1

% of total assets

All banks Commercial banksSavings banks Credit cooperativesMortgage banks LandesbankenBuilding and loan associations Banks with special tasks

Source: Deutsche Bundesbank, ING Germany

54

56

58

60

62

64

66

68

70

72

74

76

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Cost-income ratio of German banksin % of operating income1

German banksSource: Deutsche Bundesbank, ING Germany

44

Contraction in the banking sector is not just a German issue


Number of employeesCredit institutions

00 05 10 15100

200

300

400

500

600

700

800

00 05 10 151000

1200

1400

1600

1800

2000

2200

2400

Germany FranceItaly Spain Eurozone

x 1,000 x 1,000

-80

-70

-60

-50

-40

-30

-20

-10

0

10

20

Germ

any

Italy

Hung

ary

Aust

riaFr

ance

Irela

ndCy

prus

Pola

ndFi

nlan

dDe

nmar

kLi

thua

nia

Belg

ium

Net

herla

nds

Port

ugal

Latv

iaSl

ovak

iaEs

toni

aM

alta

Czec

h Re

publ

icSp

ain

Croa

tiaSl

oven

iaBu

lgar

iaGr

eece

Luxe

mbo

urg

Rom

ania

Swed

enU

nite

d Ki

ngdo

m

Change in number of credit institutions from previous year (2017 vs 2016)

Source: EBF, ECB

Internet banking is slowly on the rise in Germany

45

0

10

20

30

40

50

60

70

80

90

100

Internet use for internet banking% of individuals aged 16 to 74

2010 2018

Internet use is the number of people accessing the internet, usually expressed as a proportion of the population. In the context of the Community survey on ICT usage in households and by individuals on internet use within households, an internet user is defined as someone who has used the internet within the last three months, […] regardless of where they do so. Internet banking includes electronic transactions with a bank for payment etc. or for looking up account information.

Source: Eurostat

Housing market

Housing bubble or not?

47

0

3

6

9

12

15

50

60

70

80

90

100

2009 2011 2013 2015 2017

The trend seems to be clear…

Equity, '000€ LTV, % Fixed interest, years, rhs Redemption, %, rhs

Source: Interhyp

48

Huge differences across country

Source: Interhyp

40

45

50

55

60

65

70

75

80

85

90

2009 2011 2013 2015 2017

…or no bubble?

LTV BaWü % LTV Hamburg % LTV Lower Saxony %

40

45

50

55

60

65

70

75

80

85

90

2009 2011 2013 2015 2017

Bubble…

LTV Berlin % LTV Bremen % LTV Sachsen-Anhalt %

Migration andpopulation

Although the number of asylum applications has declined...

50

Source: Refinitiv Datastream, ING Economic & Financial Analysis. Unreported data from October 2018 onwards for all but Afghanistan and Eritrea.

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

100000

Countries of origin of asylum applicationsFirst-time asylum applications

Syria Afghanistan Iraq Eritrea all other nationalities

...integration could be cumbersome…

51

…at least judging from other experiences

52

0

10

20

30

40

50

60

70

80

90

100

Belgium Sweden Norway Switzerland

Employment rate of asylum seekers by duration of stay in country in years

1>5 6>9 10>

A majority sees immigration as an opportunity

53

Source: Friedrich-Ebert Stiftung. Deviation of 100% due to rounding. Survey from March 2019, n=3000, eligible population of Germany

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Nationally oriented

Mobile center

Cosmopolitan

All

"Germany should understand immigration as an opportunity"

Totally agree Rather agree Do not know/No indication Rather do not agree Do not agree at all

Germany’s current political landscape

55

Sonntagsfrage: If there were federal elections next Sunday...

August 2019, % August 2018, %

26

14 14

7 7

25

7

0

5

10

15

20

25

30

CDU/CSU SPD AfD FDP Linke Greens Other

Source: Infratest dimap für ARD-Morgenmagazin

29

1817

89

14

5

0

5

10

15

20

25

30

CDU/CSU SPD AfD FDP Linke Greens Other

56

Climate change is becoming more important, not only in the EU

0

10

20

30

40

50

60

Most important issues facing the EU (%-EU)

Immigration

Climate change

Economic situation

The state of member states' public finances

Terrorism

The environment

Source: Eurobarometer Spring 2019

0 5 10 15 20 25 30 35 40

Government debt

Taxation

Economic situation

Unemployment

Terrorism

Crime

Rising prices/inflation/cost of living

Health and social security

Pensions

Education system

Immigration

Housing

Environment/climate change

Most important issues facing Germany at the moment (%)


Optimism for the future of the EUanswers in %

0 20 40 60 80 100

IEDKLTPLNLEEFIPTSKROSI

MTLUESHUHRDELVATCYBESEBG

EU28IT

CZFRUKEL

0 20 40 60 80 100

And Germans continue to be optimistic for the future of the EU

57

Digitisation: Still in “Neuland”?

Opinions on Germany’s competitiveness differ, but…

59

0

5

10

15

20

25

302001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Germany's placement in global competitivenessRank

World Economic Forum IMD World Competitiveness Center

…internet speed is too slow…

60

Source: Cable/https://www.cable.co.uk/broadband/speed/worldwide-speed-league/

0 10 20 30 40 50 60 70 80 90

Germany

Hungary

United States

Spain

Switzerland

Netherlands

Japan

Denmark

Sweden

Singapore

Taiwan

Average internet connection speedSelected countries, Mbps, 2019

…also in companies

61

0 10 20 30 40 50 60 70 80

France (EU-min)

Italy

Greece

Cyprus

Germany

Portugal

Netherlands

Denmark

Sweden (EU-max)

Enterprises with fast internet access all enterprises with 10 or more persons employed (%)

2017 2018

EU-28 = 48

Source: Destatis, Eurostat. Fast internet refers to fixed broadband connections with a contractually agreed data transfer speed of at least 30 megabits per second (Mbps).

Online sales and cloud computing are not widespread

62

Source: Destatis

0 10 20 30 40 50 60 70 80 90 100

Cloud Computing

Online sales

Fast internet

Social Media

Mobile broadband

Website

Fixed broadband

Companies in Germany who have... %, 2017

Share of glass fibre remains low…

63

0% 10% 20% 30% 40% 50% 60% 70% 80%

Greece

Germany

Italy

France

United States

Netherlands

Turkey

OECD

Sweden

Japan

Korea

Ready for Industry 4.0? Share of fibre connections in total broadband subscriptions (%)

2018 2017

Source: OECD Broadband Portal

…while costs remain high for what you get…

64

Source: OECD

0

2

4

6

8

10

12

14

16

18

20

GB per month, per mobile broadband subscription

2018 2017

…and not only for internet rates

65

Source: Eurostat, 2 500 kWh < Consumption < 5 000 kWh

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

Electricity price for households per 1 kWh in H2 2018in Euro

Excluding taxes and levies All taxes and levies included

But Germany ranks highly for robotisation…

66

0 100 200 300 400 500 600 700 800

Czech RepublicSwitzerland

FranceFinland

SloveniaSlovakia

SpainCanadaAustria

NetherlandsItaly

BelgiumTaiwan

USDenmark

SwedenJapan

GermanySingapore

Korea

Number of installed industrial robotsper 10,000 employees in manufacturing industry

2017 2016

Average world: 85

Source: IFR

…which eventually could change labour markets…

67

Managers

Professionals

Technicians and associate professionals

Clerical support workers

Service and sales workers

Skilled agricultural, forestry and fishery workers

Craft and related trades workers

Plant and machine operators and assemblers

Elementary occupations

0%

2%

4%

6%

8%

10%

12%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Empl

oym

ent g

row

th 2

013-

2017

(%

-cha

nge)

Probability of computerisation

Employment growth and probability of computerisation in Germany%

Source: ING Economic & Financial Analysis, Die Roboter kommen (doch nicht?), June 2018

…possibly having an impact on middle-class jobs

68

Source: ING-DiBa Economic & Financial Analysis, Die Roboter kommen (doch nicht?), June 2018

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Highly complex/complex occupations Skilled workers Elementary occupations

Employment growth in Germany %-change, 2013-2017

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