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07
CONSOLIDATED MANAGEMENT REPORT 2013
———
2. ECONOMIC REPORT
2.1 OVERALL BUSINESS DEVELOPMENTS AND DEVELOPMENT OF THE INDUSTRY
OVERALL BUSINESS DEVELOPMENT
Global economic growth hit a temporary low at the end of 2012/beginning of 2013, but gradually picked up
momentum during the course of 2013. The recovery was achieved on the back of the revived economies in the
USA and China and stabilization in the problem-ridden Eurozone countries. In addition, the need for fiscal
consolidation continued in many countries, particularly in Europe and the USA, due to the high deficits, which
seriously restricted government stimulation of demand.
In Europe the high unemployment rate – which only stabilized in the last few months of 2013 at 12.1 percent –
and the ongoing uncertainty due to the debt crisis continued to put a damper on economic growth.
Global commodity prices, including crude oil, were generally lower in 2013 despite the gradual economic recovery,
but became relatively volatile again during the course of the year.
DEVELOPMENT OF THE INDUSTRY
The German electronics industry, which began to weaken in the second quarter of 2012, did not start to recover
again until mid-2013. The continuing gradual upward trend gives reason to expect that business performance
will also be positive in 2014.
Following the positive development in sales in the electronics industry in 2010-11, sales plummeted in 2012.
This trend was brought to a halt in fiscal year 2013, although sales remained at the previous year’s level due to
adverse effects. For one thing, the appreciation of the euro had a dampening effect on foreign sales. In addition,
turnover in Germany in particular remained weak in 2013. Foreign sales on the other hand stabilized at the previ-
ous year’s level.