Germany's services sector boasts turnover and employment records in Q1 2019
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E-mail Xinhua, June 12, 2019
BERLIN, June 11 (Xinhua) -- In the first quarter of 2019, the German services sector's turnover and employment figures reached new record high levels since official records began in 2003, the German Federal Statistical Office (Destatis) announced on Tuesday.
The German services sector's turnover in Q1 2019 was 3.5 percent higher than in Q1 2018. Compared to the previous quarter, adjusted revenues remained almost unchanged, according to Destatis.
The number of employees working in Germany's services sector rose by 1.8 percent year-on-year. Compared to the previous quarter, the number of employees went up by 0.4 percent.
"The services sector in Germany continues to grow. Whether in terms of turnover or employment -- services are becoming increasingly important," Holger Bingmann, president of the Federation of German Wholesale, Foreign Trade and Services (BGA), commented.
The German services sector includes transport and warehousing; information and communication; freelance and technical services; as well as other economic services.
Growing by 7.4 percent, public relations and management consulting recorded the "most significant increase in turnover" compared to the same quarter of the previous year. Overall, the adjusted turnover of freelance and technical services rose by 4 percent, according to Destatis.
BGA President Bingmann said that many German industries would rely on the services sector to complete their portfolio, adding that he was confident that "the service providers would continue to develop strongly upwards in the future against the restrained trend in other areas."
"Services are becoming an increasingly important economic engine for the German economy," Bingmann said, stressing that the services sector also needed a solid environment and attractive framework conditions.
The worst performing segment of the services sector in Germany was aviation, where revenues fell by 9.4 percent year-on-year. According to Destatis, this decline was mainly due to lower passenger transport figures. Enditem
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